Timeline for Can California state income taxes paid be itemized on federal income tax return?
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8 events
| when toggle format | what | by | license | comment | |
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| Jan 24, 2016 at 2:24 | comment | added | user32479 | Strictly speaking you can itemize even if you would get more with the itemized deduction, but, of course, it would be rare to choose to do so. I've never personally seen it, but I've heard that there are some corner cases where it enables some savings on state tax that are greater than the "loss" on the federal tax. | |
| Jan 23, 2016 at 23:57 | comment | added | littleadv | @Jubbles again - dollar for dollar is technically correct but misleading, because without it you would have standard deduction. Re AMT - when you get to the 200-300k area, or start dealing with ISO exercises, that's when it hits you. | |
| Jan 23, 2016 at 18:35 | vote | accept | Jubbles | ||
| Jan 23, 2016 at 18:30 | comment | added | Jubbles | I ran through a quick scenario (with different income) with forms 1040, Schedule A, and the Itemized Deductions worksheet, and it appears that any California state income tax could be used, via itemized deductions, dollar-for-dollar to reduce my Adjusted Gross Income. | |
| Jan 23, 2016 at 18:22 | comment | added | Jubbles | Good points about the additional costs of living in California. However, the sales tax in Seattle is 9.50% which is higher than almost any city in California (e.g., San Francisco is 8.75%, while La Mirada in Los Angeles County is 10.00%). boe.ca.gov/pdf/boe95.pdf | |
| Jan 23, 2016 at 17:58 | comment | added | Jubbles | "But its sunny most of the year so you've got that." There is a price I'd be willing to be pay for sunshine in November through March. | |
| Jan 23, 2016 at 17:56 | comment | added | Jubbles | At which level of income does AMT become relevant in the calculation of owed income tax? | |
| Jan 23, 2016 at 10:05 | history | answered | littleadv | CC BY-SA 3.0 |