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No. Where the broker/advisor/manager has it's headquarters does not make transactions through that broker/advisor/manager somehow "sourced" from the state in which the headquarters are located.
Okay thank you. Then what does TurboTax mean by 'recieved from CA Source as if non-resident for full year'?
See if this previous answer helps you.
What this line of questioning is trying to figure out is what state returns you need to file. You usually file state returns in your domicile (where you permanently live) (taxed on your worldwide income) and also in other states that 1) you phyiscally worked in during the year or 2) that you own property (e.g. rent a house, sell a house) or a business in (only taxed on the amount of income from those states).
Thank you jtax! In my case I lost $5000 over the course of the year investing in public companies and cryptocurrencies. For 4 months I lived in California and 8 months I lived in Texas. So I understand how to fill out the following.
Allocation Type: % Allocate Using Res/Nonres Ratios
Earned/Rec'd While a CA Resident : -$1667
Earned/Rec'd from CA Source While a CA Nonresident : -$3333
But I still am unsure how I should fill out the question "received from CA source as if non-resident for full year.'
I am assuming that I should fill it is as -$5000 because my domicile in 2019 was Texas. So I received all of it as if non-resident for full year. Is this correct reasoning?
I don't think you have that right. TT is asking for info to fill out the CA Schedule D (540NR) worksheet for non-residents or part-year residents. It is on page 59 of https://www.ftb.ca.gov/forms/2019/2019-540nr-booklet.pdf
Not sure about your question. You may find the answer in the booklet.
Did you have any CA source income?
I do not have any capital gains income. But I do have CA sourced income from my employer that is unrelated to these capital gain losses.
Okay, so since I was in California for 1/3 of the time that I was making these trades, I should attribute 1/3 of the $5000 losses to being "Received from CA Source as if Nonresident for Full Year"?
Is that correct?
I was not taxed on these losses yet, is that what TT is asking? Whether I already got a tax break for these losses?
No you should not attribute 1/3 of the losses as being "received from a CA should as if nonresident for full year." ... A CA source for a capital gain would be something like selling a condo located in CA. It is not selling securities in a brokerage account. So it sounds like you probably have no CA sourced capital gains. In that case enter zero.
You should put 1/3 of the gains or losses as earned will a CA resident, and 2/3 while not a CA resident with zero as from a CA source while non resident.
This is all assume you are in the capital gains interview part. Then it is asking about capital gains/losses from CA sources at anypoint during the year. When you review your forms be sure to check and make sure that all of your CA job income is taxed.
Look on your Schedule CA form before filing to make sure it is correct. (both wages, and capital gains/losses). see below.
This is difficult because I don't have access to the CA TT interview questions. That is why I gave you the CA instructions and page to review. Take another look
https://www.ftb.ca.gov/forms/2019/2019-540nr-booklet.pdf page 59.
Also in that booklet see
starting at page 41 (instructions for Schedule A) long description of what is going on and how each type of income (wages, capital gains, etc.) is split between CA resident/non-resident time.
look for the areas relating to capital gains in each column and see how they relate to the worksheet on page 59.
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