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Posted by Rich Carreiro on February 6, 2007, 9:20 pm
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> I did my taxes last year using Turbo Tax. While going
> through a copy of my returns, I realized that there is
> discrepancy of about $500 between the capital loss carryover
> in the worksheets between Federal and State (California).
> Is there an explanation for this, or does it look like my
> taxes might have been in error?
I don't know about CA in particular, but states aren't
obliged to follow the federal carryover rules.
For example, in MA a net capital loss can only be applied
to interest and dividends, and then no more than $2000.
Obviously this will create signficant differences between
federal and MA cap loss carryovers.
So perhaps there's some aspect of CA taxes that lead
to the carryovers being different.
--
Rich Carreiro rlcarr@animato.arlington.ma.us
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