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Some of my clients have moved to CA.
For CA state returns is there a place to write off rent ($60,000) and sec125 pre taxed medical ins $9,829?
Also, TD Ameritrade fees $3,593.73? (can this be taken on the federal or not anymore)
Thank you
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personal rent is not a deduction
pretax benefits are not a deduction.
those fees are entered as part of Sch A misc itemized deductions, same as always...have to exceed the 2% haircut before they count and can only be used on the CA return, not federal.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Thank you. Any CA deductions that I should be asking them about?
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CA still allows moving expenses if youre moving into CA due to a job change, might be worth looking into.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Read the California instructions...you can download them from their site.
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CA does have a Renter's Credit. https://www.ftb.ca.gov/file/personal/credits/nonrefundable-renters-credit.html
Answers are easy. Questions are hard!
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PS prompts for that automatically if you qualify, so its hard to miss.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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CA renter’s credit only if:
Your California income was:
- $49,220 or less if your filing status is single or married/registered domestic partner (RDP) filing separately
- $98,440 or less if you are married/RDP filing jointly, head of household, or qualified widow(er)
I would think someone paying 60K for rent has an income exceeding those restrictions.
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Cute...we both know that Pub 17 is from the IRS and does not answer State issues.
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This site provides an option to block my posts if you don't want to read them.
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But how in the world would I find out anything about pub 17 if I blocked your posts? Although that is an interesting thought I'm not sure how a person can do that anyway.
Slava Ukraini!