can you believe this response--1040ez

this is the question i asked on-line support for 1040ez

i have federal treasury bill income--where do i enter it so it does not become part of my ny state income?

the bellow is the answer i got

By law, we cannot give you tax advice. To get most accurate information, we recommend that you call IRS (1-800-829-1040) or your state tax authority, then go to the appropriate forms and enter your data. IRS and State Tax representatives can answer most of your questions. You can also visit IRS website,

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to get forms, instructions, and publications about your issues.

Reply to
ilaboo
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The answer you are looking for is: Prepare your fed 1040 including the Treasure Bil income. Then, when preparing your State return you will find a place to deduct the TBill income before calculating your State tax.

ed

Reply to
ed

You should not be surprised that the people you asked are less intellegent than you, so if you don't know the answer how can you expect them to know it? There IS no place to put it on your 1040 so that it doesn't appear on your State return, so if something doesn't exist how can you expect the IRS to know to tell you where it is? Their correct and only answer woujld be to consult with your State (which is the answer they gave you). Doing so would elicit the following answer from the State ( I would hope):

Prepare your Fed 1040 including the Treasure Bil income. Then, when preparing your State return you will find a place to deduct the TBill income before calculating your State tax

ed

Reply to
ed

Who are you asking this question? I am assuming it's the people who sold you the software you are using to prepare your tax. Didn't you ask this question before? My simple answer is to prepare your 1040 without the T-bill info first, then populate your state tax return. Once that's done, go back to your 1040 and put in your tbill info. There, problem solved.

Reply to
PeterL

My simple answer is to prepare your 1040

super thanks--did not think of this--what i did do was to enter 1 in t bill in fed data and calculate state tax--did not work--state data became insane

will definately try your technique next year

Reply to
ilaboo

Alas, this results in a potentially fraudulent state return (even though the tax computed is correct). As far as I know, EVERY state return includes a line to deduct Federal interest. So do as the previous posters suggested - work up your Federal (with the T-bill interest), populate your state return, then subtract the T-bill interest on the appropriate line. It's not that hard; a lot of tax programs do it automagically for you anyway.

Reply to
John D. Goulden

Fraudulent? erroneous as to detail, correct as to final result. But FRAUDULENT? come on now.

Reply to
Gil Faver

"Gil Faver"

Reply to
Jonathan Kamens

The NYS tax form has a line for "NYS Deductions". In the instructions, it tells you that interest on Federal Government securities is included there. The amount on that line is subtracted from your income before the tax is calculated.

Seth

Reply to
Seth

The New York return begins with your Federal Adjusted Gross Income, and then you add or subtract items which are taxed differently in NY. If you are filing a 1040-EZ, I assume you are using the NY Short Form IT-150. On that form, it goes on Line 19 with a code S-1, which indicates US Government interest. If you use IT-201, the "long form", it goes on Line 28, which is a separate line just for US Government bonds.

Jeff Harris

Reply to
jeff.h49

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