Hello,
I am not sure why, but when I go to file my 2024 MT state tax return, Turbotax automatically takes me to this section where it pulls in 2023 MT Itemized Deduction amounts (no idea where it's even getting this number or why it's bringing in 2023 info). It then has two fields for me to fill out in this 2023 section - MT Adjusted Gross Income and Negative MT Taxable Income. This has not been a part of the filing process in the past and I'm not sure what to make of it. Also, I'm concerned it's impacting my state tax return amount (showing that I owe).
Could someone please advise on what to do in this situation?
Thanks!
Montana passed laws to simplify the income tax. Montana has a transition schedule that is only available for tax year 2024, which is used to report the one-time catchup items as well as the recovery of federal income tax deducted on the 2023 Form 2. Taxpayers that have capital losses, passive activity losses, and basis differences from their federal amounts may make an election to use this schedule to reconcile the difference.