Credits for taxes paid to other states often do not equal the amount of tax paid the other states. This is because a resident state will calculate the amount of tax they charge on the same other state income. It very well may be different. For Instance, if you live in Georgia with a 5.75% tax rate and earn income in New York taxed in New York at 6.85%, Georgia is not going to give you a credit for the full amount of tax you pay New York, only the amount of Georgia Tax on that same income.
@DavidD66- that makes sense - thank you! Except:
My resident state is GA, but I owe $66 in CA. Turbotax knows about the $66:
But it's only allowing me $20 on my GA return:
Do you know why that might be the case here? From what I can tell, GA marginal income tax rates are higher than CA's (maybe I'm reading that wrong?), so I would think that the GA taxable amount would actually be higher and thus the full amount would be credited.
The credit is available only when the business, investment, or employment is in a state that levies a tax upon net income. In no case shall this credit exceed the tax which would be payable to Georgia upon a like amount of taxable income. So, GA is only going to credit you the GA rate for that income. CA rates go from 1-12.3%.