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
Yeah, that may be hard to figure until you print out your new PIT-1
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Looking at the 2017&2018 PIT-1, your line 13 personal exemptions were eliminated for 2018.
......But the NM std deduction was increased to match the Federal Std Deduction...so it depends on how big your family is as to whether those balanced out or not.
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Other than that, the only thing I can think of is an entry error in the state income section boxes any W-2, W-2G or 1099-R forms you entered...so go review/edit those forms in the Federal section to double check the NM income values you entered