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Question
Is my Canadian income excluded from California state tax?
AI accountant’s answer:
If you are a resident of California, you are required to report your worldwide income for California state tax purposes. This means that your Canadian income would generally be included in your California taxable income. However, if you paid taxes on your Canadian income to the Canadian government, you may be eligible for a foreign tax credit on your California state tax return. The foreign tax credit can help offset double taxation on the same income, but it's crucial to remember that the credit may not cover the entire tax liability associated with that income. Keep in mind that tax situations can vary significantly based on individual circumstances, so it's important to review your specific situation to determine your tax obligations accurately.
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Michael Eaton, CPA
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