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Santa Ana California Form 5498: What You Should Know
Use Form 544-L — Schedule CS, California Capital Gains Tax — to take tax deductions on capital gains. Use Form 556-D — Schedule CSD, California Net Investment Income — for taxes paid on net investment income. You can also use the following information under “The Tax Effect of Foreign Earned Income” in the “How to Use the IRS' Self-Employment Tax Guide (SET) (PDF File)” and download it for free from the IRS.gov website. The Tax Rate Table The Tax Rate Table contains a detailed listing of rates for various tax jurisdictions. Click here for a copy of the Tax Rate Table All California residents must itemize their deductions to determine their taxable income. The table and the deductions are explained in the section, “Why do I have to itemize?” Filing the Required Forms Filing the Required Forms The Form 941 to Schedule C forms are required for California tax purposes. If filing a federal return, see Form 941 for details. The complete Tax Law for the County of Santa Clara is on file with the County Clerk's office. You can also make a claim for a free copy of the Tax Law for the County. The California Investment Tax Credit The California Investment Tax Credit is a tax credit that is available to residents and non-residents who invest more than 50,000 in low-cost investments. To claim the credit, the qualified investor must file Form 8886. The IRS will verify if the qualified investor and the investment were made in California and the investor's status as an individual or as a business. The investment must also meet certain capitalization and other requirements. Filing Requirements for a California Individual Retirement Account (IRA) An IRA is an account provided by an employer which an individual can open on his or her own, and it can be invested only in a qualified plan. IRAs are considered tax-advantaged investments.
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