Regulated Investment Company (RIC) Capital Gains Earned (in federal income)
Under “Interest and Dividend Adjustments” for State (California) there is a line:
Regulated Investment Company (RIC) Capital Gains Earned (in federal income)
My 2024 1099 shows a detail of the individual funds which paid capital gains distributions, under "Total Capital Gains Distributions Detail" (for 1099 line 2A). When I went down that list of funds, I saw that 4 or 5 of them were also RICs, which are listed in a different detail of my 1099 concerned with foreign income, under "Foreign Income and Taxes Summary".
Nowhere in the Cap. Gains detail page does it say that any of the funds listed are undistributed capital gains. The only column with an entry is "Capital Gain Distributions Subject to Applicable Rate".
There are "qualified and non-qualified" columns on the RICs list, however. Not sure what that means.
So this is why I am thinking that Turbo line pertains to me, and that California treats those capital gains differently. I tried to find this in my CA state publication, but I couldn't.
If the capital gains distributions ARE included in Federal income, AND they ARE distributed the SAME YEAR, should I just enter those on the line: Regulated Investment Company (RIC) Capital Gains Earned (in federal income)? When I try that experimentally, I see a bigger refund from the state of California.
Seems good to me, but if I shouldn't do it, please let me know what I am missing here.
