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posted Jun 4, 2019 6:00:53 PM

California adjustments - addition

I have got some short term & long term stock gain in 2017 and have added the in Turbotax as Federal Income using 1099-B information. My question is will there be any extra California adjustments - addition required for this or California adjustments - addition will be $0 for this as it covered in CALIFORNIA ADJUSTED GROSS INCOME (AGI). This is confusing to me.

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1 Replies
Level 3
Jun 4, 2019 6:00:59 PM

It's already taken care of in your CA adjusted gross income EXCEPT for exclusion of gain from the sale of qualified small business stock.  There are also other differences, such as

  • sale of certain low-income housing
  • sale of personal residence
  • sale of personal residence (military)
  • regulated investment (RIC) shareholders
  • property inherited before January 1, 1987
  • capital loss carryforwards.

Scroll down till you see the discussion on capital gains in this:

Differences between Federal and CA

These are the instructions for the CA Adjustment form:

https://www.ftb.ca.gov/forms/2017/17_540cains.pdf