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Does California allow you to deduct your individual/solo…

Does California allow you to...
Does California allow you to deduct your individual/solo 401k contributions on your state taxes? How about contributions towards SEP IRA?
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12/25/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Beginning with taxable year 1996, the allowable California SEP and solo 401K deductions are the same as the federal deductions.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 7 months ago
Barb, can you point me to the state web resource that references this? Thanks.

See Page 10 of Publication 1005:

https://www.ftb.ca.gov/forms/2016/16_1005.pdf

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Also, if you look at Form 540, Line 13 starts with your FEDERAL adjusted gross income from Line 37 of the 1040. Any deduction for SEP, etc. is already included when you start your CA return.

Barbara
Barbara, Enrolled Agent
Category: Tax
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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