On Feb 18, 8:36*pm, "ilaboo" <plen...[at]verizon.net> wrote:
- quote -


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

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In article <T6quj.27527$s33.17194[at]trndny06> ,
ilaboo <plener2[at]verizon.net> wrote:
- quote -

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

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"Gil Faver" <rowdy'sboss[at]xxyz.com> writes:
- quote -

Probably not fraudulent, since fraud requires financial
damages, and you're correct that in this case there would be
no financial damages, since the correct amount of state tax
would be paid.

(Amusing, relevant side story: One of the members of the
"Cambridge Mafia", the group of MIT students who learned to
count cards and made an awful lot of money playing blackjack
in casinos, exchanged chips at an Atlantic City casino using a
fake ID (since he was banned from the casino under his real
name). He played a bit, and won quite a bit, before the pit
boss recognized him and had him escorted out of the casino.
The casino gave him back his original stake but refused to
give him his winnings, arguing that they were the result of
fraud. The Atlantic City casino board upheld the casino's
decision. The gambler took the casino to court, and the court
ruled in his favor. The decision stated that the alleged
fraud was the act of exchanging money for chips using a fake
ID, not the act of gambling at the blackjack table. The
casino suffered no financial damages during the exchange,
since the money paid to the casino by the gambler and the
chips issued to him had equal value, so there could be no
fraud.)

However, presumably the NY state tax forms require the filer
to state under penalty of perjury that all the information
submitted by the filer is accurate to the best of his
knowledge, and he surely cannot make such a statement when he
knows for a fact that the amounts that were supposed to have
been transferred directly from his Federal tax return do not
in fact accurately reflect the content of said return.

--
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"John D. Goulden" <jgoulden[at]okcu.edu> wrote in message
news:fpfdqb025e7[at]news2.newsguy.com...
- quote -


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

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- quote -

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.

--
John D. Goulden

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My simple answer is to prepare your 1040
- quote -

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

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On Feb 18, 5:36*pm, "ilaboo" <plen...[at]verizon.net> wrote:
- quote -


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.

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On Feb 18, 7:36*pm, "ilaboo" <plen...[at]verizon.net> wrote:
- quote -

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

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On Feb 18, 7:36*pm, "ilaboo" <plen...[at]verizon.net> wrote:
- quote -

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

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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, www.irs.gov to get forms, instructions, and publications about your
issues.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >