While preparing my 2023 NY State Taxes, I discovered that TT added a $577 credit for 2022 taxes for City of New York School Tax Credit. Don't know why as I am single and have no dependent children attending school. Additionally, my yet to be filed 2023 return added a credit of $645. Why is this happening?
TurboTax is calculating these credits based on information you've input in the program.
There's a New York City school tax credit (fixed amount) on line 69 of New York's Form IT-201, and NYC school tax credit (rate reduction amount) on line 69a. Each of these are based on income information that you've entered into the TurboTax program.
Based on the amount of the credit you're seeing, you appear to be eligible for the rate reduction amount. This is the credit computation chart for a single person, as displayed in the Instructions for Form IT-201:
See Line 69 – New York City school tax credit (fixed amount) (NYC residents only) and Line 69a - NYC school tax credit (rate reduction amount) (NYC residents only) in the instructions above for more information.
Where are you getting the percentage chart? I cant find it on the nys website @JohnW152
The NYC school tax credit and rate reduction amount charts are included in the instructions for Form IT-201. It's about halfway down the page. You can search for "School tax credit" to find it quickly.