Filling out the state return in TurboTax. I have both SS and a military retirement. I fall under the max Federal AGI to claim both exemptions for full amounts of both SS and military retirement for NM tax purposes.
TurboTax shows the military exemption page, but does not show me the SS exemption page. If filing NM on paper, this exemption would go in block 25 of form PIT-ADJ.
Either I or the software needs corrected, please. Or better yet, give me the option of filling out on the web site the applicable forms.
Thanks.
M
Check your Federal form 1040....line 6b.
IF none of your SS income (line 6a) was actually included by the feds (line 6b) then there is nothing to subtract from your NM income. i,e, you only can subtract the amount that was included in Federal AGI in the first place.
Thanks, AFAIK the SS benefit is included in Federal return at line 6. Total income falls below the MFJ limit of 150,000. The only other requirement of the exclusion is that the taxpayer be a resident of NM.
The Turbotax NM SS exclusion still eludes me, and the only conclusion I can reach is that TurboTax isn't presenting the new NM SS exclusion correctly when all other factors are present and correct.
Appreciate the help.
Line 6a is meaningless...only line 6b of the 1040, and you can preview your 1040 from the menu on the left side of the screen (If you are using Online software)
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I couldn't go any further without actually looking at your tax file.....which I/you should never allow in a Public forum like this.
Two things to try.
1) Go to the State section and delete the entire NM state return...then restart it and the data from the Fed will re-transfer to NM forms.....walk thru the NM Interview again and then see if it shows up differently .
or
2) Call Customer Support and see if they can help you find a problem (or Not) thru official TTX channels...not this Public Forum.