414H Taxable or Non Taxable


M

MArk Ronald

Hi my wife is a buffalo public school teacher and i'm doing
our taxes this year.

I'm using the taxcut software and in box 14 there is an
amount

"414H $dollar amount"

now in the taxcut software there is an amount and it says
that this amount can be Nontax or taxable.

how do i set that? should i set itto be taxable or
nontaxable.

help!

in what cases would i make it taxable and in what cases
would it be non taxable.

-MArk
 
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D

Don Priebe

Hi my wife is a buffalo public school teacher and i'm doing
our taxes this year.
I'm using the taxcut software and in box 14 there is an
amount
"414H $dollar amount"
now in the taxcut software there is an amount and it says
that this amount can be Nontax or taxable.
how do i set that? should i set itto be taxable or
nontaxable.
Not sure how TaxCut handles it, but a NY school system 414H
is subject to NY state tax. It is usually coded 414HSUB.
Try taxable and see if the forms turn out correctly as
follows:

On Form 1040, the amount on line 7 should equal the sum of
the amounts in box 1 of all your and your wife's W2s. On
Form IT-201. the amount of the 414H should appear on line
20.
 
W

Wcm7315

I'm using the taxcut software and in box 14 there is an
amount

"414H $dollar amount"
The 414H amount is the 3% pension contribution that your
wife is required to make. It is taxable on the NYS return
and not taxable on the federal. It gets "added back" on the
NYS return on Line 20 of Form IT 201. Will
 
B

Benjamin Yazersky CPA

MArk Ronald said:
Hi my wife is a buffalo public school teacher and i'm doing
our taxes this year.

I'm using the taxcut software and in box 14 there is an
amount

"414H $dollar amount"

now in the taxcut software there is an amount and it says
that this amount can be Nontax or taxable.

how do i set that? should i set itto be taxable or
nontaxable.

help!

in what cases would i make it taxable and in what cases
would it be non taxable.
Ahhhhh, the wonderous world of income tax software, feed a
cd into a computer and presto, you're an instant tax expert.

..... and "the computer did it, so it must be right"
 
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B

BILLW

MArk Ronald said:
Hi my wife is a buffalo public school teacher and i'm doing
our taxes this year.

I'm using the taxcut software and in box 14 there is an
amount

"414H $dollar amount"

now in the taxcut software there is an amount and it says
that this amount can be Nontax or taxable.

how do i set that? should i set itto be taxable or
nontaxable.

help!

in what cases would i make it taxable and in what cases
would it be non taxable.

-MArk
The 414H amount is state taxable in NY but not federally,
you will have to over ride on Form 201 if it won't take.

bill
 

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