I guess my question is, did Turbo Tax make a mistake when it auto calculated my double-taxed income ... and should I edit it?
When I go through Tax Tools and view the Tax Summary of my MA return, I see info for
- Total 5% Income (which is just MA wages),
- Total 5% Deductions,
- Total 5% Exemptions,
- Taxable 5% Income .... which is from deducting both the aforementioned Deductions and Exemptions from Income
I know how Total 5% Exemptions was calculated. And I know how Total 5% Deductions was calculated.
Total 5% Deductions consisted of:
- "Retirement Payments" (in my case, withheld Social Security Tax and Medicare Tax )
- Student Loan Interest
- Undergraduate Student Loan Interest
The double-tax income Turbo Tax calculated was simply MA Wages - Student Loan Interest (just Student Loan Interest, not Undergraduate Student Loan Interest)
I can see on my Form 1-NR-PY through lines 12-25 :
- TOTAL 5.0% INCOME
- 5.0% INCOME AFTER DEDUCTIONS
- 5.0% INCOME AFTER EXEMPTIONS
- TOTAL TAXABLE 5.0% INCOME
Should Double-Taxed Income actually just be the Taxable 5% Income OR Total 5% Income (which was MA wages)?
Did Turbo Tax make a mistake?
@AmyC
