Hi guys,
wondering on something..
say I had all income from treasuries, lets say 1 million.. if I went and produced any other income, does it get charged at top CA tax rate ( 13.3% ) even though treasuries got no CA tax?
I'm guessing yes, as AGI would say 1 mill right?
CA tax question with treasuries ..
Re: CA tax question with treasuries ..
Income from treasuries is not reported on your 540. So, no, you would be taxed not considering that income, but have a look at the CA AMT rules, anyway.
Re: CA tax question with treasuries ..
I'm voting w/ Thesaints . CA return starts w/Fed AGI . It then makes adjustments on Sch CA where the treasury interest gets subtracted out leading to the CA AGI w/ only the other income to be taxed at the lower brackets.
Re: CA tax question with treasuries ..
I think the OP may be thinking about foreign earned income exclusion and the high marginal rate assigned to the non excluded income.
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Re: CA tax question with treasuries ..
I must be glazing over something. Why are there Calif Tax Exempt bond funds if Treasury bond funds are completely tax exempt in California?
One cannot enlighten the unconscious. | "All I need are some tasty waves, a cool buzz, and I'm fine." -Jeff Spicoli
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Re: CA tax question with treasuries ..
Federal TaxesTimeRunner wrote: ↑Tue Sep 18, 2018 7:22 pmI must be glazing over something. Why are there Calif Tax Exempt bond funds if Treasury bond funds are completely tax exempt in California?
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Re: CA tax question with treasuries ..
j I was thinking US Treasuries were exempt from Federal Taxes. You're right, they aren't.retiringwhen wrote: ↑Tue Sep 18, 2018 7:38 pmFederal TaxesTimeRunner wrote: ↑Tue Sep 18, 2018 7:22 pmI must be glazing over something. Why are there Calif Tax Exempt bond funds if Treasury bond funds are completely tax exempt in California?
One cannot enlighten the unconscious. | "All I need are some tasty waves, a cool buzz, and I'm fine." -Jeff Spicoli
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Re: CA tax question with treasuries ..
Thank you guys. I’m asking as family is looking to move to CA. So I have no clue as I come from the wonderful land of no income tax ( WA )
I will check out CA AMT as I didn’t know about that either... not a big worry though as I was wondering where my other money gets taxed at and should for sure fall above AMT lines but I’ll have a look.
You guys stun me with the replies and quality here as always
I will check out CA AMT as I didn’t know about that either... not a big worry though as I was wondering where my other money gets taxed at and should for sure fall above AMT lines but I’ll have a look.
You guys stun me with the replies and quality here as always