- Tax exempt Interest and Dividends for CA. Not sure what to enter in . . .
If you know the tax-exempt interest is strictly generated from California (CA) holdings then you can enter the full amount under CA If it is earned through a "fund", then read the rest of the information to find the correct percentage for CA
- Tax-Exempt Dividends
Enter tax-exempt interest from state, municipal or U S territory bonds reported in Box 11 of Form 1099-DIV in this field The State of Origin field is used to determine the source for state tax purposes
- Fiduciary accounting treatment of entity distributions
In this example if the trust was a complex trust (not required to distribute the income) and the $75,000 was retained by the trust, the total tax payable by the trust would be $35,000 ($13,462 would be deducted from principal, and $21,538 would be deducted from income )
- CA Subtraction, Addition for Tax-Exempt Dividends
In CA, the dividends from your fund are 100% taxable, regardless of what was inside the wrapper, unless at least 50% of the funds assets produce dividends or interest that is not taxable by CA
- California Special Allocations for Non-Activities
California special allocation codes are shown where applicable on California worksheets and listed in the special allocation sections of this instruction guide
- California Deviations - z001download. cchaxcess. com
If tax-exempt interest reported on 1099-DIV includes both amounts from California and amounts from other states, enter the "Dividend Income-Source" once, the amount from California in the "State Nontaxable" field and the remaining amount in the "State Taxable" field
- Solved: For my California return, how do I handle HSA dividends . . .
Yes, manually adjust your dividends entry, then enter everything, and write up copious notes on what you did and why in case the Franchise Tax Board ever asks you
- My Cal trust has taxable and exempt income, and related inv. expenses I . . .
On the "Other Deductions" screen I chose "1" to allocate between sources but return does not allocate What did I miss
|