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why is my state taxable income greater than my federal ...

why is my state taxable...
why is my state taxable income greater than my federal taxable income on my 2006 tax forms?
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Answered in 16 minutes by:
12/7/2007
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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DearCustomer-

There are many reasons your state taxable income could be higher than your federal income. I'll provide a few:

  1. Personal exemptions, Federal $3,300/ea, MS $1,500/ea, children only.
  2. Itemized deductions, state income tax is deductible for federal purposes, not state.
  3. Interest income from municipal bonds is taxable state and not federal.
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
Verified
MequonCPA and 87 other Tax Specialists are ready to help you
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Customer reply replied 9 years ago
Reply to Steve's Post: Steve,
Thanks for the prompt response. Since I've never used JustAnswer before, I was a little skeptical. :-)

Do you know anything about TurboTax for the Web? That is how I prepared my taxes and I was going over them again(sure, LATE)and realized the large discrepancy. I wonder if I should have had TurboTax reload my State form after I made changes to my federal information. I thought it would be automatic but it might not have been.

I may have to submit an amendment to the state...but don't want to do it wrong.

Dear jxfrobert -

Sorry, I can't help you on turbo tax. If you can print the forms you should be able to see where the differences lie. The MS return includes most of the same line items as the federal return so the search should be easy.

Ask Your Own Tax Question
Customer reply replied 9 years ago
Thanks for the help!
Ask MequonCPA Your Own Question
MequonCPA
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
2,342 Satisfied Customers
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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