for questions that relate to the laws, practices, and products for the state of California. California is a state within the 50 state union of the United States.

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4
votes
2answers
66 views

This is my pay stub. Am I paying too much?

I have decided to make this post on behalf of a close friend. He is a young professional working in San Francisco and making ~ 132K USD per year paid in biweekly fashion. Single and he doesn't own a ...
0
votes
1answer
27 views

Does FTB accept amended tax returns over Fax?

So I sent Letter of Explanation over regular mail to Franchise Tax Board. I called them and they claim not to have yet received and/or scanned it. And instead suggested to Fax it. However, I could ...
1
vote
0answers
39 views

Back in 2011 instead of form 565 filed 568 by mistake. How to fix this?

In 2010 we correctly filed form 565, because we were general partnership. However, in 2011 we filed by mistake form 568 (the LLC form). Starting from 2012 we have correctly filed as sole ...
1
vote
2answers
67 views

Can California state income taxes paid be itemized on federal income tax return?

I currently live in Washington state (no state income tax) and work a tech job. I am contacted by companies in California to work for them, but I am hesitant because of the state income tax in ...
0
votes
1answer
69 views

How to take off my name from Car Title in California

The car was paid off and the title is under my name and my ex wife. I want my name off from that car because I don't want to be responsible for any liability if she got in accident. But She wont go ...
1
vote
1answer
16 views

How to set California DE4 allowances based on federal W4 allowances?

I need to set my federal and Calif payroll allowances to what they were 1/1/2015. My federal was 29 allowances. But I don't have record of Calif. Can I deduce my Calif allowances based on federal ...
3
votes
2answers
122 views

Confused about tax year for income

I started working for a company in December on Dec 10 and I got paid in January because I wasn't on Payroll , my employer deposited the check into my account. I am wondering since there is no W2 ...
6
votes
1answer
61 views

Is it possible to block previously authorized ACH access?

We engaged in business with another company that provides credit card processing service. At the time of signing up for their service we authorized them to use ACH by giving them a void check (a ...
-2
votes
1answer
77 views

Monetary instrument written to two people which if uncashed is sent to third entity?

Is there a way this can be achieved? Such as a check written to "Person A or Person B" I want to send it to Person A in the hopes that Person A takes it or gives it to Person B. Whatever happens I ...
1
vote
2answers
49 views

Supplemental Property Tax Assessment (Article 13A) California

We have had the joy of receiving two property tax bills this year. One in the amount of about $7,000, which is the one we expected for the property. We purchased a new house from a builder in May ...
0
votes
1answer
72 views

Direct from manufacturer auto purchase? Smart? Dumb? Possible?

Read this article recently, and I thought of trying to purchase direct from the manufacturer. The vehicle I want has a facility here in the United States (outside my state), and I just wonder if I ...
5
votes
1answer
148 views

Is there any state tax (California) advantage to putting money into a limited purpose FSA versus putting it all into an HSA?

For example, I will not be contributing enough to max out my HSA contributions, so would there be any benefit to putting extra money for my child's braces into the LPFSA, or should I just put it all ...
5
votes
1answer
136 views

Do I have to pay security social taxes when I withdraw from my 401k?

I will be moving out of the country soon and I have some money saved on a 401k. I plan on doing an early withdrawal and I am aware that I will have to pay the 10% penalty. I was wondering how the ...
2
votes
2answers
133 views

REIT vs Real Estate - 4 Considerations

Assume the following scenario: A person wants to invest $100k in REIT or buying a rental property. (Assume a property management company is used so we don't need to compare the work from each.) What ...
3
votes
2answers
66 views

What to consider when opening a 529 account

I've got a new baby and am planning on opening a 529 account to begin saving for her education. I know these accounts have state tax incentives but I don't know what to look at when researching them. ...
5
votes
3answers
1k views

Can you register your car in a different state from your residence?

If you move to California from Florida but cannot afford to register your car there (the engine has been modified), is it still possible to keep the car registered in Florida but obtain a California ...
0
votes
0answers
21 views

What's the tax on a hobby crop income? [duplicate]

Say I harvest crop as a hobby on my land, and it's less than an acre. What's the tax on the crop income?
3
votes
1answer
95 views

What's the tax on a hobby orchard?

Say I harvest crop as a hobby on my land, and it's less than an acre. What's the tax on the crop income? In California.
1
vote
1answer
35 views

distribution from retirement plan in one state being taxed in another

In 2012, I took a "non-qualified" premature distribution from a retirement plan. I realize that this is taxable on the federal level, and I have paid the federal taxes on it. I received the funds ...
7
votes
2answers
250 views

What is the best way to short the San Francisco real estate market?

Best as in: 1. Liquid 2. Minimum borrowing costs
5
votes
1answer
110 views

Rental Application Fees

I've been trying to find a new apartment. Each application I've submitted cost between $20-$35 and I've yet to find a new place. A lot of these places have me just write out a check which I never see ...
4
votes
2answers
384 views

Can you subtract credits/returns/refunds from statement balance?

Most credit card companies in the US do not charge any interest on any purchases if you pay at least the statement balance every month. E.g. you effectively get between 25 and 30+25 days of interest ...
3
votes
0answers
303 views

First job! I need some DE 4 tax form help

I just got my first paying job and they need me to fill out the DE 4 for California income tax. And to be honest it's a little confusing. http://www.edd.ca.gov/pdf_pub_ctr/de4.pdf Firstly ...
8
votes
3answers
752 views

Does liability auto insurance protect any of your assets?

I'm confused about the Liability auto insurance. Some online resources appear to say that you must have as much liability insurance as the total value of all your assets, whereas others just say to ...
0
votes
2answers
91 views

Is ScholarShare a legitimate entity for a 529 plan in California?

I am researching a 529 plan for my kids. We are in California. It seems that a lot of links point to ScholarShare plan. Yet, I can't tell whether it is legit or not, mostly because I haven't heard ...
1
vote
1answer
1k views

California LLC statement of information filing (LLC-12R)

I received a notice that my California LLC is required to file another statement of information filing. It requests that I use form LLC-12R, however, I can only find LLC-12 listed on the official ...
1
vote
0answers
84 views

Inherited deferred comp by minors - tax advantageous approach

If minors who are not currently earning income were listed as beneficiaries on a deferred comp plan and owner of that plan passed away at age 63, what's the right approach to minimize taxes. From ...
3
votes
3answers
755 views

Is interest on a personal loan tax deductible?

My father loaned me money to invest in a company and the company pays me quarterly profits. I have to pay back the loan to my father plus interest. What I would like to know is whether or not the ...
0
votes
1answer
99 views

Is it legal for Shutterfly to expire their Prepaid Plan in CA, USA

Sorry if this is off topic, but thought it was the best site for this question: I was just on Shutterfly and noticed that I had an expired prepaid plan. I live in California and remember there are ...
3
votes
1answer
139 views

Should I pay for lousy tax preparation service?

My tax accountant this year did lousy job - Form 8942 was not filled according to IRS instructions. Also, I had to figure out myself why ESPP, NQSO and RSUs cost basis this year was incorrect on my ...
2
votes
1answer
41 views

How to correctly adjust cost basis 8949 for Employer stock starting from 2014

Since 2014 brokers don't include "compensation element" in cost basis on the 1099-B form for RSUs, ESPP and NQSO stock. This means that I have to adjust cost basis myself to avoid being double taxed. ...
0
votes
1answer
31 views

merging transactions in 8949

This year I received NQ Stock Options, RSUs and ESPP shares from my employer (I work as a full-time engineer in a tech company). In my 1099-B form all of them show up as separate transactions ...
1
vote
0answers
190 views

Income tax filing for F-1 OPT student non-resident in California

I am an international student currently working full time on F-1 OPT status. In 2014, I worked as an intern for 3 months in California. I am confused if I should be filing 540NR short form or long ...
2
votes
1answer
123 views

Are short term disability payments taxed?

Last year, my wife was on short term disability leave (maternity leave) for 6 weeks. CA SDI took care of 80% of her paycheck which I believe is completely tax free. 20% of her paycheck for this ...
2
votes
1answer
119 views

S-Corp Distributions Estimated Tax Payments and Tax Brackets

I'm confused as to what tax brackets I should be using to estimate my taxes due for my s-corp's distributions. For example, let's say my salary is at $37,450, which would put me in the 15% bracket ...
0
votes
0answers
63 views

How to fill L1 of California 540NR Schedule D as a part-year resident?

Do I need to fill in all the transactions in the entire year? Or just the transactions happened when I was a CA resident and CA source transactions? If it's the former, why doesn't CA ask a copy of ...
4
votes
1answer
82 views

How do I deduct state tax overpayment when going from “married filing jointly” to “single”

In 2013 I was married filing jointly. We had underpaid our state taxes by $24,000 so we wrote a check to the state for $24,000. In 2014 we divorced, and are filing separately. The $24,000 can be ...
1
vote
1answer
180 views

Can I deduct the full amount of a rental loss in two states?

Last October I moved from California to Connecticut, converting my primary residence to a rental. I didn't get it rented out until December, so I ended up with a loss for the year. My California ...
-1
votes
1answer
181 views

40 year old A and J makes 1M a year. What is the best investment to save on tax?

We have been very fortunate, also hard working and frugal . Now A and J all had several promotions in the past a few years, and the rental properties are paid off. The tax bills are getting pretty ...
3
votes
1answer
99 views

Working from home in Vermont as W2 employee for employer in California. Need I file a CA tax return?

I work for a company registered in CA; they have no offices in my state. I'm a W2 employee and they are withholding taxes for VT, where I reside. Will I need to file a CA income tax return? This ...
19
votes
4answers
33k views

Sales tax “trick” while buying a used car; i.e. declaring sale at lower than actual transaction value?

I am selling my car and have found a potential buyer. After I transfer the vehicle ownership, the buyer will have to transfer the vehicle title to himself, and will also need to pay sales tax on the ...
2
votes
1answer
132 views

Next steps for (not me): a recently-divorced single mom, in California, with a 2yr-old

A new puzzle for personal finance experts, that is on the bottom end of the ladder rather than the top. A series of unfortunate events has hit a friend (not me). The situation: recently divorced ...
2
votes
1answer
4k views

Why can't I file my California LLC Statement of Information online

I am trying to file my required statement of Information using the form at https://businessfilings.sos.ca.gov. The site fails to find my Limited Liability Company by name. I have gone through all my ...
4
votes
1answer
103 views

Should I treat HSA as taxable or non-taxable in deciding on bonds if my state does tax it?

If my home state of California taxes the gains in HSA, should I use tax-efficient investments (for example Muni bonds), or should I assume that the market arbitrage on the taxable accounts so using ...
1
vote
0answers
233 views

Do I have to file California tax return for worldwide income?

I'm a new immigrant (green card) to US, and not live in California yet. I use my friend's home in CA as the mailing address for receiving my letters, packages, and California ID. I plan to move to ...
4
votes
0answers
858 views

Can I claim a parent receiving Medi-Cal benefits as a dependent on my tax return?

My mother got her green card this year. She won't work here. All her expenses will be paid by me. Since she is 67 years old, I am planning to apply for Medi-Cal health coverage for her. My question ...
0
votes
2answers
678 views

How long does a business have to give a refund?

My dentist's office requires payment upfront, and then they wait to get paid by the insurance. On Yelp, people say that it takes a lot of sweat and tears to get a refund from them. (In my case the ...
-6
votes
2answers
108 views

Employer 1099 Pointing to the Old Address Instead of New Address [closed]

Maybe I did not explain the situation correctly. My wife was in TEXAS but the company used her old address (California) address in the 1099 forms. What can I do to remedy the situation?
3
votes
2answers
152 views

Does it make sense to look for medical plans outside “Obamacare”?

Does it make sense to look for medical plans outside of the ACA Exchanges (such as the https://calheers.ca.gov/ in California), or are those as good as it gets? If it's illegal for the insurer to ...
1
vote
1answer
536 views

How does AMT/state taxes work for stock options in California?

I'd like to know how to roughly calculate tax for stock options, for the following fictitious scenario: Suppose Little Susie joined a rare private company in California as a normal employee, and ...