ncCPAp on the GO!

Observation of NYS Enhanced STAR application Based on 1040

  • 1.  Observation of NYS Enhanced STAR application Based on 1040

    Bronze Most Valuable Member
    Posted 02-26-2019 14:38
    A senior citizen usually needs to bring down a copy of P. 1 of their Federal tax return to apply for the Enhanced Star Program.
    They base it on Federal AGI less taxable IRA distribution.
    This year - the way the 1040 is designed, it lumps both pensions and IRAs onto the same line, so the client needs to be made aware of the calculation to segregate the pensions and annuities from IRAs. There's no IRS schedule that breaks that out.
    Just had a senior citizen who has a NYS Teacher's Pension as well as an IRA. After removing the NYS Teacher's Pension from the calculation - she didn't qualify.

    ------------------------------
    EVAN S. GOLAR, CPA
    15 MURRAY DRIVE
    AIRMONT, NEW YORK 10952-3816
    TEL 845-357-8770
    FAX 845-357-1437
    E-MAIL; golarcpa@aol.com
    ------------------------------