I was able to find the correct part in TurboTax as well as the corresponding form TRD-41406. Can someone explain the terminology used in the entry fields: Amount Claimed Applied to Tax VS Amount of credit to refund?
Are these supposed to correspond with TRD-41406 #3 and #4?
3) Enter the portion of total credit being applied against the Net New Mexico income
tax due. Do not enter more than the amount of Net New Mexico personal or fiduciary
income tax due. If using a carryforward amount from a credit first claimed in 2020 or
2021, use Schedule A to calculate the amount of credit still available
4) Enter the portion of the total credit in excess of the Net New Mexico income tax
due that is being refunded. Enter only an amount from a credit claimed starting in tax
year 2022. Do not include a carry-forward amount from the 2020 or 2021 tax years. A
carry-forward from a prior year may not be refunded.
In my case, my income tax exceeds the tax credit, so I suspect that I should get a return from NM. If I put my credit in both fields, it seems to add them together and overshoot my refund. I'll put some imaginary numbers out there for help's sake. If my NM tax is 20,000 and my tax credit is 5000, what should I put in the fields supplied? (including TRD-41406 if folks have that information)
Thanks!
