NY Preparers

[GraceNY]

Anyone out there know, definitively, whether NY will be conforming to Federal law which allows a taxpayer to convert a traditional IRA to a ROTH in 2010 and recognize income over two years (2011 and 2012)? I have not been able to find anything on NYS website in regards to this except an old Memorandum (TSB-M-98(7)I dated 12-24-98) wherein NY followed the federal back when the conversion took place before 1-1-99 and the taxpayer elected to report conversion income over a 4 year period.

Grace

[Don in Upstate NY]

Anyone out there know, definitively, whether NY will be conforming to Federal law which allows a taxpayer to convert a traditional IRA to a ROTH in 2010 and recognize income over two years (2011 and 2012)?

New York income is defined as federal income plus specific NY additions less specific NY subtractions. So New York would have to take some positive action NOT to conform with any federal changes, which to my knowledge they have never done. Anything is possible however (we need the money!).