REgardint the double taxation with Nj and Colroado-I had no idea how to follow the directions in turbotax. If I did it wrong then can amendment be done?
I followed as best I could
Q it said that Colorado portion of IRA deduction of 6k is 2758 caluclated by TT thne had this other info to click onfrom TT that I dont understand - he paid a lot to move out there for summer - moving epx listed but I ahd no idea if you add thtme
This is from TT:
Part-year and Nonresidents: The amount of federal adjustments that are included in the Colorado column of Schedule 104PN are the federal adjustments to the extent they apply to Colorado source income. The program automatically calculates the Colorado adjustment based on the type of income entered for most common adjustments.
The following adjustments are included in the automatic calculation and are allowed in the ratio of Colorado wages and/or Self-Employment income to the total wages and/or Self-Employment income:
- Educator expenses;
- Business expenses of a reservist, performing artist, and fee-basis government officials;
- HSA and MSA account deduction;
- Self-employment tax;
- SEP, SIMPLE, 501(c)(18)(D), and qualified plan deduction;
- Self-employed health insurance deduction;
- Individual Retirement Account (IRA) deduction;
- Charitable Contribution if taking the standard deduction;
The following adjustments are included in the automatic calculation and are allowed in the ratio of Colorado income to federal income;
- Student loan interest deduction;
- Tuition and fees;
- Alimony;
- Reforestation amortization;
The following adjustments need to be made manually by the customer;
- Jury duty pay deduction if the income was reported to Colorado;
- Penalty paid on early withdrawal if paid while the taxpayer is a Colorado resident (Nonresidents may not claim the penalty for early withdrawal);
- Moving expenses if incurred while moving into Colorado;
- Deductions associated with the rental of personal property (if related to income reported in Colorado);
For more information, go to tax.colorado.gov, enter "Part-Year Residents & Nonresidents" in their search engine, and select the most appropriate result.
Then on another screen it shows income in Colorado that is less than what he made in Colorado and I dont understand that either or if it is correct or if I need to manually change it and will cut and paste screen shot below:
Oops it wont let me cut and past a screen shot - this is whre sharing screen would be helpful.
And it wont let me cut and paste...
Shows AGI federal incoem after Corlado adjustment 16,736 which looksnormal
Then says income not earned in coldorao is 9,044 when in fact my sons income was all from colorado
The it says Colorado income after adjsutment is only 7,692 - where di this come from? He made 10,450!
And then it says Colrado income tax $86 and then what he actuall paid from tax witheld was $23 and shows therefore rfund of 337.....But the amount TT is saying he made in colorado is incorrec t- I didnt know what to do so jsut put blind fatih in it...
Does tht sound right?
And he had taxes for NJ I paid of $47 but then gets EIC of $601.
I jsut wanted to get them done but now am wondering if the Colorado is correct as no explanation was given from TT why he made 10,450 but they are adjusting it twice and reducing it to 7.692?
Anyway - I submitted them so Iwas wonderin gif there needs t obe an amendment or if its even worth it as I dont know how the caluclations were done in TT
