I did my taxes last year using Turbo Tax. While going through a copy of my returns, I realized that there is discrepancy of about $500 between the capital loss carryover in the worksheets between Federal and State (California). Is there an explanation for this, or does it look like my taxes might have been in error? Anoop
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I don't know about CA in particular, but states aren't obliged to follow the federal carryover rules. For example, in MA a net capital loss can only be applied to interest and dividends, and then no more than $2000. Obviously this will create signficant differences between federal and MA cap loss carryovers.
So perhaps there's some aspect of CA taxes that lead to the carryovers being different.
-- Rich Carreiro snipped-for-privacy@animato.arlington.ma.us
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