I entered information about extension payments to both states and the refunds received. TT is making a calculation that nets only a small portion of the unnecessary extension payment against the refund. I itemize and with the limit on state and local tax deduction on Schedule A, this results in my reporting more income than appropriate.
I SHOULD be able to net the full extension payment against the refund. How can I make this happen?
Details:
State 1: Extension payment $900; refund $1400. (Tax withheld in 2017; no tax withheld for State 1 in 2018.)
State 2: Extension payment $1,700; refund $5,540/ (Tax withheld in both 2017 and 2018).
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No -- You can't net the amounts. They are reported in different places in the program (and on the state returns). The IRS and the states are going to be looking to match the amounts entered on the 1099G forms.
To get the same effect, however, what you can do is to make sure you report the payment made with your extension. To do this, please follow these steps:
I don't see how to do the last step in the program. When I go to state estimated payments it tells me to go back to federal to put in the amount. But if I have multiple states, it says to do it in each state.
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