The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: California LLC Tax Implications||Date: 1/1/2013 7:50 AM|
|Author: ptheland||Number: 117262 of 121804|
Will I need to report all of my income to CA, or only that part that comes from within the state (this investment, for instance)?
You actually end up reporting both. You report your total income and deductions, then calculate a tentative tax amount as if you were a CA resident. Then you report the portion of your income that's from CA sources. The ratio of that to your total income gets applied to that tentative tax number. Roughly, anyway.
You'll want to take a look at CA form 540NR and schedule CANR.
Is this something that packages like TaxAct can't handle?
I'd take a close look. I'm sure that TaxAct (and similar) can handle CA resident taxes. I'm not as sure they can handle Non-resident taxes, but there's a good chance that they do. You'd have to investigate the capabilities of the program you prefer.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|