Could TT be miscalculating New Mexico? Anybody else seeing this on their NM State tax calculations?
My taxable income last year for NM was $3,987.
This year my federal AGI went up only $744, but my taxable income for NM shows up as $9,418!
(My NM tax is calculating this year at owing $220, compared to only $67 last year.)
The only difference I see in examining last years PIT-1 versus this years' PIT-1 is that last year I did not take a deduction for county and local taxes. This year I did, for 1,877. But that should not increase my taxable income up by $5,413.
Am I making some kind of mistake? I really doubt that I owe NM $220, when my federal AGI only went up by $744.
That shouldn't cause my taxes this year to triple over last year. Unless there's something evil in the NM tax formula that's new this year. My NM taxable income should not have shot up like that. What mistake did I make with my entires, oh wizards?
Or has NM changed their calculation formula to raise taxes that much this year for the poor? Thank you, OhTheQuestions
