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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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My federal return tax calculation permits me to calculate

Customer Question

my federal return tax calculation permits me to calculate taxes using a table that eliminates my taxes on qualified dividends and capital gains. How do I use this info on the cal 540
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
Hi and welcome to our site!For federal income tax purposes - long term capital gains and qualified dividends are taxed at reduced rates - and there is a special worksheet used for calculations.That worksheet may be found in instructionshttp://www.irs.gov/pub/irs-pdf/i1040sd.pdfsee last pagesFor California income tax purposes - there is NO reduced rates - so long term capital gains and qualified dividends are taxed at regular tax rates.California tax law doesn't have such treatment as for federal tax purposes.Sorry if you expected differently.
Expert:  Lev replied 1 year ago.
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