Are you using TurboTax Desktop? If so, you may have to update your program. I checked both the CD/Download program and Online and both are correctly calculating the tax.
Thank you for responding. I am using desktop Turbotax on my Mac. I checked for updates and it says "you're up to date!" The Colorado state tax is still wrong. I do not see the Colorado tax rate and table info you show in your response.
The tax table is from the Colorado state booklet. I do not have a Mac, so I'm unable to verify the tax rate in the Mac program. My Windows version is using 4.4%.
@jcquest7 I'm sure he got the tax table from the actual paper CO instructions sheets. You can get those as a PDF on the CO Tax department website.
Certainly, your MAC software might be behind on getting up-to-date....maybe the MAC softwaer won't be updated properly until next week (or its wrong..like you say)
But what $$s are on lines 9 & 10 of your actual Colorado tax return??
EarnieSO: Try using State Taxable Income over $50,000 for your example. Do you get Colorado Income Tax amount at 4.4%?
Thanks for flagging this @jcquest7. Taxable income above $50,000 does show a tax rate of 4.5%.
When will TT update the 2022 Colorado Income Tax Rate to 4.4% in Turbotax Deluxe for Mac.
As noted, this is being reported. However, the team that would work on this must verify the issue, then update the code and test it, to make sure that something else didn't break. For example, tax on part-year residents is calculated on DR-0104PN, not just on the DR-0104. For that reason, we can't tell you at this point if or when the state will be updated.
What will TurboTax be doing to correct this mistake for those of us who have already filed? To me, you need to submit a correction for free and/or refund our state tax prep fee due to your "Maximum Refund Guarantee".
Does anyone know if this tax rate has been corrected/updated?
Yes. TurboTax has updated both TurboTax Online and CD/Download to reflect Colorado's 4.4% tax return.