There are two components shown on the NY income tax return related to NYC School Tax Credit.
There is the New York City School Tax Credit (fixed amount) that is reported on Form IT-201 line 69 which is a maximum of $63 for a Single NYC resident within certain income limits.
There is also the New York City School Tax Credit (rate reduction amount) that is reported on Form IT-201 line 69a which is calculated by a formula based on your filing status and income. This credit can be over $200 depending on your income.
Take a look at your return to be sure that you are looking at the correct lines when you state that your NYC School Income Tax Credit is greater than $63. If your line 69 shows something greater than $63, please respond and let us know so that we can take a closer look at this.
If you do find that line 69 is incorrect, it would be helpful if would be willing to share a diagnostic copy of your tax file. The diagnostic file will not contain personally identifiable information, only numbers related to your tax forms.
To do so, follow the instructions below and post the token number along with which version of TurboTax you are using in a follow-up thread.
Use these steps if you are using TurboTax Online:
- Sign in to your account and be sure you are in your tax return.
- Select Tax Tools in the menu to the left.
- Select Tools.
- Select Share my file with agent.
- A pop-up message will appear, select OK to send the sanitized diagnostic copy to us.
- Post the token number here.
If you are using a CD/downloaded version of TurboTax, use these steps:
- Select Online at the top of the screen.
- Select Send Tax File to Agent.
- Click OK.
- Post the token number here.
For your reference, take a look at page 28 of the NY Individual Income Tax Instructions to see how line 69a is calculated.
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