I sold my rental property in CA and received a 1099-S.
On the escrow form it indicated I had $20k withheld for "Franchise Tax Board Witholding" which was 3 1/3% of the sales price.
Question 1: Was I also supposed to have received a 592-b or 593 form from escrow?
Question 2: I did enter the $20k under the Federal tax section. But should I also enter it somewhere on the State section?
The withholding should have been identified on the escrow closing statement and you should have received either Form 592-B (Resident and Nonresident Withholding Tax Statement) or Form 593 (Real Estate Withholding Tax Statement). a 592-b or other withholding statement.
Entering the amount in the Federal section as a tax payment for California should carry the amount over to the state return.
The California interview does provide a place to enter the withholding: on the Credits and Taxes page, under Payments and Withholding, Real Estate and Other Withholding. Only make an entry there if it didn't carry over from the Federal return.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
