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State tax return question
Posted on 1/18/15 at 4:37 pm
Posted on 1/18/15 at 4:37 pm
I entered most of my info on turbo tax, but had not entered social security numbers for my kids, so I was not receiving the child tax credit. As I enter the social security numbers and get the tax credit, I notice my state return decreasing. I found this odd, any ideas?
3
Posted on 1/18/15 at 5:29 pm to Lee4heisman
Maybe its considered income so it decreases the state return. I remember my state return decreasing when I added the educational credit years ago.
Posted on 1/18/15 at 5:48 pm to Lee4heisman
Turbo Tax can do some sketch things when it comes to state taxes. Not that I would know anything about it of course.
Posted on 1/18/15 at 7:15 pm to Lee4heisman
Is this LA? You get a deduction on your LA return for federal income tax. As your federal income tax goes down due to credits, that deduction on your state return goes down, meaning your state taxable income goes up.
Posted on 1/18/15 at 8:20 pm to LSUFanHouston
I live in Iowa so I am not familiar with individual income taxes in Louisiana. So Louisiana essentially accrues the Federal income tax for the year and allows that to be deducted? In Iowa you deduct the amount of Federal income tax paid during the year.
Posted on 1/18/15 at 8:42 pm to krehn11
Sort of... You deduct the amount of taxes calculated on the federal return. (Whether paid in the year or not) Occasionally adjustments have to be made for certain disaster credits.
Posted on 1/18/15 at 8:44 pm to LSUFanHouston
Interesting - thanks - learned something on a Sunday!
Posted on 1/18/15 at 8:51 pm to LSUFanHouston
Yes this is LA, makes sense as to why when I file through the Department of revenue website, they ask how much the federal return is. I guess this year since I entered things backwards, I'm realizing the decrease in state refund.
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