Discussion:Federal NOL C/B Reducing California Tax
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Discussion Forum Index --> Advanced Tax Questions --> Federal NOL C/B Reducing California Tax
Discussion Forum Index --> Tax Questions --> Federal NOL C/B Reducing California Tax
| 7 April 2008 | |
| I have a situation where the Federal NOL carryback reduces the AGI of a carryback year. This would also appear to reduce the AGI for the California return for purposes of the itemized deduction phase-out. RTC 17024.5(h)(2)(A), resulting in a California refund. This seems too good to be true. Am I missing something here? | |
| 7 April 2008 | |
| No, I don't think so. It seems to be just a consequence of the statutory tie to federal AGI for purposes of the itemized deduction limits, etc.
There may be something here that we're both missing, but unless somebody thinks of some reason why it doesn't work, I'd say go ahead and file the claim. The worst they could do would be to deny it. Of course, that's assuming there aren't any other skeletons in your closet <G>. | |
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