New York Tax and Finance Department Publishes Changes in Individual Income Tax Form IT-225-I

The New York Department of Taxation and Finance April 30 published changes in Form IT-225-I for individual income tax purposes. The form is updated to: 1) provide that if taxpayers received a lump sum death benefit, pursuant to the COVID-19 family death benefit program established by the Metropolitan Transportation Authority in 2020, that was included in taxpayers’ recomputed federal adjusted gross income, taxpayers must enter the amount (not to exceed $500,000) above subtraction modification S-201 of the form; and 2) correct the “subtraction modifications chart” beginning on page 18 by including modification number S-140, COVID-19 family death benefit program. [N.Y. ...