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?
Yes, it is possible. CA is a high tax state, and taxes capital gains as regular income.
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
Galling! But reassuring. Thank you.
Thank you for commiserating!
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