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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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NYS COVID related distributions
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joselopez395
Level 3
03-09-2021
06:49 PM
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Client received a COVID related distribution and wants to use the 3 years spread. Distribution is a NYS distribution qualifying for government exclusion. ProSeries NYS Pensions/Annuities/IRA Worksheet keeps showing an error stating that an update is required to calculate COVID exemptions. Another issue is that the amount of the distribution reporting in 2020 is added to the NYS return income and there is no way to adjust it. My client regular wages are 95,226.00, total distribution is 20,000.00 reporting in 2020 Federal 1040 6667.00 = 101,893.00. The 6667.00 should be substracted from the NYS return and the 20,000 shows as exempt NYS pension distribution but there is not an option to adjust the federal adjusted gross income to bring the NYS income to 95,226.00.
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