I've completed the income portion of my return (have not completed the full return yet, as I'm awaiting one form still). I'm unable to reconcile my NY state refund vs. what I expect it to be by ~$2,600. I expect there to be some difference vs. my simple calculation, but this number seems way off (I'm fairly close on the federal, including FICA). Are there issues with how state is calculated until you've gone through the full list of deductions/answered the questions on those tabs? I'm not giving credit in my calculations for any deductions except the NY standard deduction in my calculation.
To try and succinctly summarize my math / calculation as follows. Married filing jointly and not living in NYC any part of the year (i.e., no city income tax). I've assumed all interest, dividends, and cap gains are taxed at my normal state tax rate.
W2 State Wages: $607, 015
Interest Income: $1,772
Dividends: $4,456 (qualified: $2,579, non-qualified: $1,878)
Capital Gain Distribution: $418
Equals: Total Income: $613,661 (note: this is based on income I've input and see in TurboTax)
Less: Standard Deduction: $(16,050)
Equals: Taxable Income: $597,611
Calculated Tax: $38,200
based on $19,403 plus 6.85% of amount over $323,200, or 38,200 = 19,403 + (0.0685 x (597,611-323,200))
Source: https://www.nerdwallet.com/article/taxes/new-york-state-tax
W2 Taxes Withheld: $52,668
Expected Refund: $14,468 = $52,668 - $38,200
TurboTax Listed Refund: $11,869
Difference: $(2,599)
