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The state doesn't call it as such and it doesn't really mention much about it anywhere, other than implicitly in worksheet 7 on page 59 of the 2020 IT-201 form.
by the-rc 5y ago
The state doesn't call it as such and it doesn't really mention much about it anywhere, other than implicitly in worksheet 7 on page 59 of the 2020 IT-201 form. It's still a recapture, though, and it does apply to income. It's separate from tax credits. Try the worksheet. By the way, most online tax calculators seem not to know about it, either.
See e.g. https://www.bogleheads.org/forum/viewtopic.php?t=247046 https://www.bogleheads.org/forum/viewtopic.php?t=247046 where someone points out that CT does the same and calls it recapture.
- seanmcdirmid 5y agoI'm not finding that to be very reliable, as I can't find a news article or even someone else complaining about the same problem. Are you sure they just didn't mess up on their tax return somewhere?
- the-rc 5y agoYou can enter toy numbers in TurboTax and see, but I found more references, e.g. when they wanted to make NYC track NYS' model: https://www.nytimes.com/2003/05/12/nyregion/highest-tax-will-apply-at-one-rate.html https://www.nytimes.com/2003/05/12/nyregion/highest-tax-will... https://www.empirecenter.org/publications/new-yorks-ugly-stealth-tax-hikes/ https://www.empirecenter.org/publications/new-yorks-ugly-ste... AR, too? https://taxedright.com/new-york-taxes/ https://taxedright.com/new-york-taxes/