California loss carry over

[CP01]

Hi, 

My CA tax says i need to enter loss carry over as my federal has $$ amount but the CA amount could be different. I checked last year CA schedule D (540) there are loss from line 5-11 which line amount should i include for CA loss carry over and which amount for AMT loss carry over. 

How can I located the loss carry over amount in federal? thanks

[RobertB4444]

The California loss for 2023 is on line 8 of your California schedule D.  You would enter that amount as the carryover from 2023 into 2024.

@CP01 

[CP01]

Got it, thanks.

[CP01]

Hi Robert,

I'm double checking my work and noticed CA capital gain & loss schedule D line a amount is different than capital gain & loss worksheet line 8 just to confirm I will enter the amount that is in CA Schedule D line 8 right?  Thanks so much.

[CP01]

I forgot to mention the amount in line 8 of Schedule D is more than the worksheet line 8 amount for CA capital gain & loss.

[RobertB4444]

The loss on line 8 of your 2023 schedule D is the loss that you reported last year so it is the amount that you should report for this year.

@CP01 

[CP01]

Thanks, just curious for my understanding. why the amounts are different in the capital gain & loss schedule D line 8 and the worksheet line 8. 

[RobertB4444]

They should not be.  I don't know what has caused them to be different either.  But the amount that you reported last year is the correct amount.

@CP01 

[CP01]

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.

[MonikaK1]

In the California section, the questionnaire is to help you identify changes needed to the California return. The California return starts with Federal adjusted gross income. So, if you have investment expense entered in the Federal return but some of the expenses are to produce income that isn't taxed by California, you would only need to subtract that portion of the expenses. You can only deduct investment expenses for California that were incurred in generating income that is taxed by California.

See the Instructions for California Schedule CA for line-by-line guidance.