Listed below is income that can be subtracted from your New York return:
New York 529 College Savings Program
If you made contributions to a 529 College Savings Plan, you may enter the amount of contributions of up to $5,000 or $10,000 for married taxpayers filing a joint return.
Certain Pension Income Excludable from New York Taxable Income
Subtract pension income received from New York State, Local or Federal Governments. You can also subtract income that was not previously included after you turned 59 1/2 not to exceed $20,000.
Other Subtractions:
- START-UP NY Wages
- Build America Bond (BAB) Interest
- 529 College Savings Program Deductions (PY and nonresidents only)
- Long-Term Residential Care Deduction
- Death Benefits
- Contributions for Executive Mansion
- Distributions to a victim of Nazi persecution
- Income related to a victim of Nazi persecution
- Professional service shareholders
- Gain subtracted from sale of new business
- QETI Qualified Emerging Technology Investments
- Assets acquired before 1960
- Income earned before 1960 and previously reported
- Living Organ Donors
- Military Combat pay
- Military Nonresident Pay (Part-Year and Nonresidents only)
- New York Higher Education Loan Program (HELP)
- Certain Investment Income from U.S. Obligations
- Railroad Retirement Income
- Investment Income Exempt
- New York State Organized Militia Income
- Loss from sale of estate tax property
- Native American Income Exclusion
- Special Accruals
- Volunteer Firefighter/ambulance length of service award
- Living Organ Donors
- Incomplete gift non-grantor trust
- Distributions from eligible retirement for flood relief program
- Student loan discharged from the death or permanent disability of the borrower
- COVID-19 family death benefit program
- Deduction for repayment of amounts reported in income from previous year
- Volunteer firefighter enhanced cancer disability benefits
- Small Business Modification
- Interest Expense used to buy federal exempt bonds
- Business Expense connected with Federal exempt Income
- Amortizable Bond Premiums
- Wage and Salary Expenses Allowed as Federal Credits
- Cost Depletion
- Special Depreciation Expenditures
- Safe Harbor leases included in AGI
- Safe Harbor leases excluded from AGI
- Sport Utility Vehicle Recapture
- Refund of QEZE credit for Real Property Taxes
- New York State Innovation Hot Spot Program
- Taxable refunds
- Gains invested in qualified property
- Grants received pursuant to COVID-19
- S-Corp disposition of stock
- S-Corp pass-through income
- Fiduciary Adjustment
Program Entry
To enter any of these subtractions from income on your New York return, follow the steps below:
- State Section
- New York Return
- Edit
- Subtractions from Income
Additional Information