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NJ Resident tax return taking credit for NYC UBT, and MCMT, on the NJ resident return

FTCCPA
Level 1

Lacerte automatically calculates  the  credit of other jurisdictions on the NJ resident return. Taxpayer paid NY state income tax  and MCMT tax with the NY return.  Lacerte tax credit for tax paid is something less on NJ return than what was paid to New York. Its  a prorated amount which i could not determine how it was calculated. Lacerte does not provide any detail for the calculation or reconciliation worksheet. Contacted Lacerte support they are unable to provide how this was calculated.

 

Has anyone encountered this? Do you know if the MCMT tax is included in calculation or does it have to be entered separately has an override?  Any assistance or  guidance would be appreciated.

 

 

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1 Comment 1
sjrcpa
Level 15

I don't know for sure, but on MD returns we treat the MCMT as a separate creditable tax.

The more I know, the more I don't know.