Asked by e
Which of the following requires an adjustmetn on the California return?
Interest on a checking account
Interest from a California bond
US Serie EE bond interest
Dividends from stock
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US Series EE bond interest.
Explanation: California exempts interest on U.S. government obligations (like Series EE savings bonds), so if that interest is included in your federal taxable income you must subtract it on the California return. The other items — bank checking interest and stock dividends — are taxable by both federal and California, and interest on California municipal bonds is exempt by both, so they don’t require a CA adjustment.
Explanation: California exempts interest on U.S. government obligations (like Series EE savings bonds), so if that interest is included in your federal taxable income you must subtract it on the California return. The other items — bank checking interest and stock dividends — are taxable by both federal and California, and interest on California municipal bonds is exempt by both, so they don’t require a CA adjustment.
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