5805-2025

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The document is California Form 5805 for the taxable year 2020, which addresses the underpayment of estimated tax by individuals and fiduciaries. It outlines conditions under which taxpayers may not owe a penalty for underpayment, instructions for completing the form, and details on calculating required annual payments and penalties. The form must be attached to other tax forms (Form 540, 540NR, or 541) and includes sections for waivers, annualized income installment methods, and specific calculations related to tax liabilities.

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Versions	Form popularity	Fillable & printable
2022	4.8 Satisfied (28 Votes)
2021	4.8 Satisfied (104 Votes)
2020	4.1 Satisfied (32 Votes)

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How do I avoid an underpayment penalty in California?

As long as youve paid up your estimated tax payments to equal either 90% of the tax you owe for the current year ~or~ 100% of your tax bill from last year (whichever is less), youre in the clear.

What is the penalty for underpayment of estimated tax?

Taxpayers who pay late also are fined. The usual penalty is the amount owed plus 5% of the underpayment amount. Its capped at 25%. Underpaid taxes accrue interest at a rate that the IRS sets quarterly.

What is HS Code 5805?

HS Codes of Heading 5805 : Hand-woven tapestries of the type gobelins, flanders, aubusson, beauvais and the like and needle-worked tapestries (for example, petit point, cross stitch), whether or not made up.

What is a form 5805?

Purpose. Use form FTB 5805, Underpayment of Estimated Tax by Individuals and Fiduciaries, to see if you owe a penalty for underpaying your estimated tax and, if you do, to figure the amount of the penalty.

What is the 587 tax form?

Purpose. Use Form 587, Nonresident Withholding Allocation Worksheet, to determine if withholding is required and the amount of California source income subject to withholding. Withholding is not required if payees are residents or have a permanent place of business in California. Get FTB Pub.

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What is form 5805?

Use form FTB 5805, Underpayment of Estimated Tax by Individuals and Fiduciaries, to see if you owe a penalty for underpaying your estimated tax and, if you do, to figure the amount of the penalty.

5805-2025

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