I'm a resident of MA with W2s from jobs located in both MA and NY, and am confused about how TT is using the MA Tax Credit Worksheet to calculate how much of a credit on my MA state tax I can claim (i.e. how much I can reduce my MA state tax) from the amount I have paid for NY state tax.
Specifically, on the MA Tax Credit Worksheet:
Line 4 (5% income tax) = 5133
This matches the amount on
Form 1-Line 19 (5% Income after Exemptions): 102651 (102651*0.05=5133)
I wanted to check that this was the correct number to be using, and not
Form 1-Line 21 (Total taxable 5% income): 102878
Form 1-Line 22 (Tax on 5% income): 5144
Can anyone explain why TT is using what looks like a subtotal of my total 5% income to calculate the 5% income tax amount on Line 4 of the MA Tax Credit Worksheet?
Thanks!
