Hi Robert,
Question for CA -Adjustment for investment income expenses.
For the above in CA tax it says the below. I entered investment expenses in Federal I guess that should transfer to CA. My question is regarding the interest income taxed I invested in bonds and received 1099-INT entered the information in Federal under income. Would I enter the bonds interest here? Please advise.
If you deducted investment expenses against interest income taxed on the federal level, but not by California (such as U.S. Government bonds), enter the amount as a negative number.
If you had expenses related to producing California-taxed income that is not taxable at the federal level (such as municipal bonds of states other than California), enter the amount as a positive number.
