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New York MCTMT Turbotax calculation doesn't match

Hello there, 

I filled out the MCTMT tax field with my self-employed earnings as listed on my federal return. I allocated to Zone 1 with no estimated payments made throughout 2024. On the summary page, it gives me the actual calculations and numbers that Turbotax uses to determine the tax that I owe. However, when I do the calculations myself on a calculator, the amount I get is $100+ less than what Turbotax calculated. What's the deal with this? I'm pretty sure I'm doing the calculation correctly, and even used made up income numbers to try and replicate the result from Turbotax but I'm not able to get to it. 

Any insight is appreciated!

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1 Reply

New York MCTMT Turbotax calculation doesn't match

Okay I figured it out, and here's for everyone else who's confused. 

 

The MCTMT Zone 1 and zone 2 rates that Turbotax lists on the summary page are incorrect. In 2023, a senate bill was approved to raise the rate from .47% to .60% moving forward. The .60% correctly calculates the tax as shown in Turbotax. 

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