I entered the wrong local sales tax rate but cannot get back to the page where I entered it to make corrections. The suggestion from two years ago posted here says to go to search and enter Sales Tax and then choose Jump to Sales Tax. I've tried that and several variations of that but was getting nowhere, so I went to Forms and changed it on the form - but that hasn't changed what is showing up on the step by step screens. It doesn't seem to recognize that I changed the figures on the form, so it is still calculating in error. Suggestions?
Digging into the NM state sales tax, I also find that in 2023 our state charged 4.875% sales tax. The form from Turbotax is filled in with 4.94% now and is not allowing me to correct it. So that's another issue.
As for the local sales tax, I live in the most highly taxed county and town in NM. (In fact, living 5 minutes outside Taos in a certain water district nets me a local sales tax higher than even Taos, a tourist town which had a 8.9375% sales tax in 2023.) So I need to put that figure in with high accuracy.
In neither case, however, can I now change the entry on the form. The form isn't even accepting changes in input now. Would appreciate any help in these matters. Thanks!
I believe New Mexico switched from 5% to 4.875 mid year so I assume the 4.94 rate is an average of the two.
I believe the program gets this rate from the IRS.
This is the rate the program uses for "Easy Guide" input, were the sales tax is based on your income.
You can use "Easy Guide" and also enter large purchase items.
For specific items, you enter the total (State plus Local) sales tax.
This total state and local tax rate is entered by you.
The final deduction is the tax calculated on your income as well as the tax paid on large purchases.
For major purchases, the tax paid will only be counted on Vehicles (cars, trucks, motorcycles, off-road vehicles)
AND other items that paid the same tax rate as what you entered as State plus Local. These items include:
Boats
Planes
Mobile Homes
Manufactured Homes
Home Improvement Material
(NOTE: if the tax rate you enter for these other items is not exactly the same as what you entered as the state and local tax rate, the tax paid will not be added)
State and Local tax deductible on Schedule A is limited to 10,000 no matter what you paid.
In Step-by-Step I went to
Deductions & Credits
Estimates and Other Taxes Paid
Sales Tax START or UPDATE
Once I entered information in this section it was difficult (although not impossible) to edit.
If you want to start over and since you are working with Desktop, you might switch to FORMS and Delete
Tax & Int Wks