Ozzy and Sharon are married and filed a joint federal return. Their daughter, Amy, is 10 years old and had total investment income of $3,700 during the tax year. Her investment income is 100% taxable in California. They did not elect to report Amy's investment income on their federal return but have elected to report it on their California return. The parents do not have any gains or losses.

How much of Amy's investment income will the parents report on their California return and where will it be reported?

Answer rating: 100% (QA)

In this scenario the parents have elected to report Amys investme... View the full answer