US obligations income and expenses (1041 NY)
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Hide expandable textInterest income on US obligations included in federal income
Onvio Tax calculates income on Form IT-205, Schedule B, line 67 by using the information entered for Interest income and Dividends on the federal Income, K1, and K1T screens that have a percentage in the US Govt Oblig column. The calculation also appears on the New York Exempt Income and Expense Worksheet.
Expenses on US obligations
Onvio Tax uses expenses directly and indirectly allocated to US obligations on the federal Deduct screen to calculate the subtraction for expenses on US obligations on Form IT-225. This calculation also appears on the New York Exempt Income and Expense Worksheet.
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