No, the first box is asking for the tax on the New Mexico (NM), and the second box is asking for the credits you had on the return in 2020.
Please clarify: What section of your TurboTax return are you looking at? Are you possibly looking at a state form?
Please provide as much information as you can.
Yes this is for state return. The tax liability section was prefilled and I just want to double check under less credits I would put the amount that I paid in taxes last year?
Are you referring to an Arizona tax return? I ask because this seems like a familiar Arizona question.
IF SO: The context of this question is most likely a potential estimated payment penalty, so the amount would be found on line 52 -- Balance of tax -- of your 2020 Form 140.
According to Line 76 - Estimated Payment Penalty of the Form 140 instructions found at Form 140,
Do not complete Arizona Form 221, Underpayment of Estimated Tax by Individuals, if the amount on Form 140, line 53, is more than the amount on Form 140, line 52.
IF NOT: Please clarify further.
This is the section I was referring to. The top box was prefilled and I want to make sure what I’m putting in box 2 (less: credits) is correct. Would this line be the taxes I paid last year for state?
No, the first box is asking for the tax on the New Mexico (NM), and the second box is asking for the credits you had on the return in 2020.