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stephb728
Level 2
April 19, 2021
Question

Form NYC-1127 and IRA distribution

  • April 19, 2021
  • 1 reply
  • 2 views

I have a NYC employee with Section 1127 withholdings. He also took a large IRA distribution. Does the IRA distribution count as income in that calculation? Can't find anything in the form's directions regarding this. If it can be excluded how do we adjust for it? Thanks!

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1 reply

qbteachmt
qbteachmt
Level 15
April 19, 2021

"Does the IRA distribution count as income in that calculation?"

The instructions include starting here:

"LINE 1 - NEW YORK STATE TAXABLE INCOME

If you file NYS Form IT-201, enter the amount on line 37. If you file NYS Form IT-203, enter the amount on line 36. If the amount withheld pursuant to Section 1127 was included in itemized deductions when calculating your New York State Personal Income Tax liability, you must add back that amount to the amount from line 37 of NYS IT-201 or line 36 of NYS IT-203, as applicable, on this line."

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