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Author: IMBonzi Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121259  
Subject: CA Tax on Child's Income More than Federal Tax? Date: 4/12/2014 12:05 PM
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Using TurboTax (and reading the instructions for CA Form 3800 - Tax Computation for Certain Children With Investment Income) it appear that my child's CA tax is more than that on the 1040. Is this possible?
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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 120728 of 121259
Subject: Re: CA Tax on Child's Income More than Federal T Date: 4/12/2014 12:24 PM
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Yes, it is possible. CA is a high tax state, and taxes capital gains as regular income.

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Author: fleg9bo Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 120729 of 121259
Subject: Re: CA Tax on Child's Income More than Federal T Date: 4/12/2014 12:35 PM
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We paid more in OR state tax for 2013 than we did for federal taxes. Like most states, OR taxes cap gains and qualified dividends as ordinary income and that's where a good portion of our income came from.

--fleg

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Author: IMBonzi Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 120748 of 121259
Subject: Re: CA Tax on Child's Income More than Federal T Date: 4/13/2014 11:51 AM
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Galling! But reassuring. Thank you.

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Author: IMBonzi Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 120749 of 121259
Subject: Re: CA Tax on Child's Income More than Federal T Date: 4/13/2014 11:52 AM
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Thank you for commiserating!

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