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How to fill instruction 1040 Line 20a & 20b Form: What You Should Know

Line 21 — New York State credits or exclusions. Do not enter a value for this line until you have completed the 2024 Tax Year Form IT-204-IP New York Partner's Schedule K. Line 24 — Exclusion of certain interest. This is for tax years beginning after 2024 or beginning with the 2024 tax year. Enter an amount for the amount of exempt interest you may have on your 2024 tax return. You may not have to enter the entire amount. See the Exclusion of Interest for 2024 Tax Year Information for a more detailed description of how to enter this amount. Line 29 — Social Security numbers. Enter the Social Security numbers associated with your spouse and/or dependent child(men) (if under 18). Line 31 — Railroad Retirement Tax Credit. This credit is based on the first 17,000 of income received by both people for 2024 or the maximum amount of the credit allowed for 2024 (if less), whichever amount is lower. If the same person earned the 17,000 of income, but you did not file Form IT-204-IP New York Partner's Schedule K, you will enter the full amount of the credit. Otherwise, enter the lowest of 17,000 or the lowest amount reported on your 2024 tax return to determine whether the credit is more than the tax due (if any). Enter the total amount of the credit on Line 31. Line 33 — Social insurance number. Enter the Social Security number for your employee if you have one. If you have more than one employee, fill out this line for each employee. If you do not have social insurance numbers for any employees, and you do not have a Social Security number for a dependent child of yours, fill out the child's Social Security number. Line 35 — New York income tax withholding. Enter the amount withheld as tax for the New York State and New York City tax withholding and/or New York City income taxes, if applicable, shown on your 2024 tax return. Do not enter the amount withheld for New York State taxes on line 34 if you earned more than 4,170 for 2017. Do not enter the amount withheld for New York City income taxes if you did not earn more than 3,500 for 2017.

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