Update to NC for medical percentage

Forum|Forum|6 years ago
July 21, 2020
2 replies
18 views

On June 30, 2020 NC updated tax laws to allow federal percentage of 7.5% versus previous 10% decoupled amount. At the time of most of my filings, it was in the software at 10%. Was the software updated for this change or if not, when is tax software going to be updated to compute this change such that amended returns can be calculated?

ProSeries Basic

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Just-Lisa-Now-

Intuit Community Champion

Once the state updates their official forms, then Intuit can update their forms and submit them to the state for approval, this can take months in a normal year, who knows how long during COVID.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

You know how unfriendly those Southern states can be. This could be done with a 4-line postcard, right?

Deduction allowed with 10% limit _______

Deduction allowed with 7.5% limit_______

Difference____________

Multiply times 5.25% flat tax rate__________

--But the easier they make it, the more they have to pay out, and like other states they are suffering from revenue shortfalls.

Is it really that difficult to prepare an amended return, using manual overrides?

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