2014 North Carolina: Session Law 2015-2
A North Carolina bill (Session Law 2015-2) was signed on March 31, 2015 that conformed North Carolina’s tax law to match the federal law that was extended for tax year 2014; however there are various federal deductions that North Carolina is not conforming to.
Certain taxpayers, with a North Carolina return with any of the exceptions (see list below), may need to amend their North Carolina tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following apply to you:
- You filed your North Carolina tax return prior May 15, 2015 AND
- Your federal return included any of the following:
- Qualified tuition and fees deduction (Form 1040, line 34)
- Cancellation of qualified principal residence debt (Form 1040, line 21)
- Qualified charitable distributions from an IRA by a person at least age 70 ½ and the distribution was not taxable on federal return
- Section 179 deduction on business assets
- Bonus depreciation on business assets
If you are affected, you may have underpaid your state tax. You may need to amend your North Carolina return.
To amend your return:
- Follow these amend instructions for the TurboTax Online product.
- Follow these amend instructions for the TurboTax CD Download product.
- After you make the changes to your tax return, you will need to mail a copy of your amended state return.
- Your printed return will include instructions on how and where to mail it.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the 2014 North Carolina: Session Law 2015-2.