Apparent computation error -- NY State

Forum|Forum|3 years ago
April 11, 2023
1 reply
5 views

I hate to do this, but . . . Turbotax accurately computes our NY State taxes according to the NY State Tax Rate Schedule on page 43 of the IT201 instructions. However, the numbers on our return put us into Tax computation worksheet 3 on page 46. According to worksheet 3, we would owe $3,016 more in NY State tax (conincidentally the same amount as the Recapture Base Amount line on Tax computation worksheet 4, same page). My question is should we pay the higher or lower amount, and what are the consequences if we pay either too little or too much? Thanks for your help!

Best answer by AmyC

It will be your choice.

Paying too little:

Interest and penalties - Tax.NY.gov.
TurboTax does have an accuracy guarantee. How to submit documentation for accuracy guarantee claims

Paying too much:

The state will show an overage and either keep it to apply in the future or send you a check.

AmyCAnswer

Level 15

It will be your choice.

Paying too little:

Interest and penalties - Tax.NY.gov.
TurboTax does have an accuracy guarantee. How to submit documentation for accuracy guarantee claims

Paying too much:

The state will show an overage and either keep it to apply in the future or send you a check.

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wrdbrnAuthor

Level 2

Actually, it turns out that a math challenged individual needs to run the New York numbers three or four times, and then they agree with turbotax's calculations. So, all good. And thanks for the reply