If you have a stock market loss from a previous year say 100000, does that carryover for future stock market gains for california tax or does it only affect federal tax?
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Yes, California also allows capital loss carryovers.
Unlike the federal government, California makes no distinction between short-term and long-term capital gains. It taxes all capital gains as income, using the same rates and brackets as the regular state income tax.
See the California Instructions for Schedule D for more information. Near the end of the instructions is the "worksheet" for capital loss carryovers:
When you prepare the California return in TurboTax, at the screen "Here's the income that California treats differently", under Investments, you can click on the item "Capital Loss Carryover from Last Year" and make any needed adjustments.
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