The Motley Fool Discussion Boards
Retirement Discussions / Retire Early CampFIRE
|Subject: Re: retire early study||Date: 2/12/2000 1:14 AM|
|Author: 4aapl||Number: 3742 of 861805|
Question: I do not live in California. Why do I have to file a return?
Answer: If you have income from California sources, such as, rental income, income
from the sale of property, or partnership income in 1999 and you are single with a total
income from all sources of $10,899 or more; married with joint income from all sources
of $21,798 or more, you are required to file a Form 540NR with California.
Uh oh, flag on the play.
It looks like that means that even if I stay here in AZ, that I will have to pay CA tax on the money that I get from the partneership with the guy in CA. Luckily I'm not too worried about that, and am mainly just concerned about guarding my port and any taxes on it....but it's still a good point to know.
But now that brings up another point. If I'm in AZ, and earning money from a partneership where the other guy is in CA, how does CA take the taxes. Not how as in what forms do I file, but how as in how would AZ ever let CA take the money that they would otherwise get. I can't imagine it would be legal for me to be taxed by both CA and AZ, right???
I'll definitly look into it further, and have the CA 540NR right here to take a look at in booklet form, along with PDF's for any state I please. But I must say that if CA does that I'm going to have no problemjustifying to myself living in Tahoe on the NV side for a couple of months during the summer, mountain biking and running a lot, and making a couple of 5 to 6 figure trades if they're in my LT plan if they're going to be the cause of double taxation (triple if you toss in federal).
Luckily I'll still come out ahead, and I'd be doing a job I'd love and would even do without the money.
Have a good weekend everyone
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|