I noticed TurboTax did use the new standard deduction of $24000.00 for married filing joint, but not the new GA. flat tax rate. Also can you change your Federal & State estimates after you have filed your returns?
Yes you can change them. The Estimates are optional to pay and don't get sent with your return so the IRS/state won't be expecting them. You can even just cross out the amount and write in a new amount. on the 1040ES. Or pay your own amount directly online to the IRS or state.
There is not a flat tax rate on a Georgia state income tax return.
The tax rate is dependent upon your Filing Status and the amount of taxable income reported on the Georgia Form 500 Line 15c
The tax rate starts at 1% and in 1% increments up through 5.75%
Go to this Georgia website for the 2023 Tax Table and the 2023 Tax Rate Schedule - https://dor.georgia.gov/tax-tables-georgia-tax-rate-schedule
GA does not have a flat tax rate for individuals for tax year 2023. See GA Individual Income Tax rates.
Yes, you can change the amounts of your 2024 estimates, either manually, or you can go in and update TurboTax to generate new vouchers. Use the instructions in this link. If you have already filed, you will land on the Tax Home page when you sign in. Scroll all the way to the bottom, and click on Add a State to open up your return and access the Estimates section.
2023 State Individual Income Tax Structures - summary by state
Dawn,
Your are correct that for 2023 GA does not have a flat tax rate. But new for 2024 they do and it's 5.49%. So I would have thought for calculating 2024 estimates TurboTax would have used it. As I said, it it does make a bit of a difference. Ga. also made other changes for 2024 which was mainly a new standard deduction and eliminating personal exemptions and the age 65 additional deduction. I file a married joint return and my 2024 standard deduction is $24,000.00. I saw that in my state section of TurboTax.
Please advise.
And thank you for your very prompt response.
And you, too, are correct. Some Georgia TurboTax customers are experiencing an issue because TurboTax isn't using the flat tax rate of 5.49% for 2024 estimated taxes.
We’re currently working to resolve this issue. If you’d like to receive progress updates, sign up from this link.