TurboTax miscalculates New York State income taxes.

Forum|Forum|2 years ago
February 8, 2024
1 reply
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TurboTax miscalculates New York State income taxes. It treats the entire Adjusted Gross Income (AGI) as subject to the marginal tax rate, ignoring the state's progressive system. This results in an inaccurate final tax calculation.

While New York City taxes are calculated correctly, the program fails to handle state taxes accurately.

Please investigate and fix this issue to ensure users pay the correct amount of New York State income tax.

TurboTax PLUS Online

DawnC

Employee

What lines do you believe are miscalculated on your NY IT-201 tax return? The Form IT-201 income computation begins with re-entering line items from the federal return to arrive at federal AGI. Include additions to income and deduct subtractions from income to arrive at New York AGI. To calculate taxable income, deduct New York standard or itemized deductions and dependent exemptions.

The New York return includes additional taxes for New York City and Yonkers. TurboTax follows NY state law when preparing NY tax returns.

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