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My NC state tax is not correctly calculated
I am a part-year NC resident from 01/01/2020 to 07/31/2020. The PY NC Source Income is $18550. Allocations from other Federal Income are 1) Interest is $664 and 2) other is -$5000 (this is from a tax treaty). So the AGI for NC should be 18550+664-5000=$14214. NC income tax rate for 2020 is 5.25%. The standard deduction of NC for Single is $10750. Then the total tax should be (14214-10750)x5.25%=$182, however, the calculated tax from TurboTax is $691.
Can anyone help me on understanding this?
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‎February 28, 2021
2:49 PM