Does New York now allow the $300 or $600 deduction for qualified donations?

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • cipparulo12345
    Member
    • May 2019
    • 71

    #1

    Does New York now allow the $300 or $600 deduction for qualified donations?

    Last year my software (Drake) backed out the $300 to arrive at the recomputed federal adjusted gross income. This year it is not doing this so it is allowing it.
    I new for a fact that last New York was not allowing this but I cant find anything online or in the instructions that this year they are. I am assuming they are allowing it.
    Does anyone know for sure?
  • New York Enrolled Agent
    Senior Member
    • Nov 2006
    • 1531

    #2
    Originally posted by cipparulo12345
    Last year my software (Drake) backed out the $300 to arrive at the recomputed federal adjusted gross income. This year it is not doing this so it is allowing it.
    I new for a fact that last New York was not allowing this but I cant find anything online or in the instructions that this year they are. I am assuming they are allowing it.
    Does anyone know for sure?
    On 2020 tax returns the charitable contribution was an adjustment to AGI (above-the-line). On 2021 the contribution reduces taxable income (below-the-line). There is no recalculation in 2021 returns.

    Comment

    • cipparulo12345
      Member
      • May 2019
      • 71

      #3
      Thanks. I also noticed on form 196 that they want to know how much of your charitable contributions are qualified but it does not change the outcome of the return so I wonder why they are asking that.

      Comment

      • New York Enrolled Agent
        Senior Member
        • Nov 2006
        • 1531

        #4
        Originally posted by cipparulo12345
        Thanks. I also noticed on form 196 that they want to know how much of your charitable contributions are qualified but it does not change the outcome of the return so I wonder why they are asking that.
        Follow the path in the instructions

        Comment

        Working...