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ahvorch
New Member

NYS SCHOOL TAX CREDIT RATE REDUCTION

It appears that TurboTax treats Line 69a as an additional NYS Income tax withholding amount.  But I just got billed by NYS for underwithholding and apparently this amount wasnt considered. Should it be considered a form of tax withholding. I wouldnt think so from the title but that is clearly how it was calculated. Thank you.

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1 Reply
rjs
Level 15
Level 15

NYS SCHOOL TAX CREDIT RATE REDUCTION

New York Form IT-201 line 69a, NYC school tax credit, is a refundable credit. A refundable credit is treated as a payment. Tax withheld is also a payment. But not all payments are withholding. Line 76 is total payments, not total withholding. Only lines 72, 73, and 74 are tax withheld.


TurboTax treats it that way because that's how the state treats it.

 

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