FTB 5805-2025

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The document is California Form 5805 for the taxable year 2002, which addresses the underpayment of estimated tax by individuals and fiduciaries. It provides instructions on how to complete the form, conditions under which no penalty is owed, and details on calculating any penalties for underpayment. The form includes sections for personal information, questions regarding penalty waivers, and methods for calculating required annual payments and penalties based on withholding and estimated tax payments.

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Who needs to fill out CA form 587?

The withholding agent requests that the nonresident payee completes, signs, and returns Form 587 to the withholding agent when a contract is entered into and before a payment is made to the payee.

Who is required to file a California state income tax return?

Generally, you must file an income tax return if youre a resident, part-year resident, or nonresident and: Are required to file a federal return. Receive income from a source in California. Have income above a certain amount.

What is the difference between form 587 and 590 in California?

FTB Form 590, Withholding Exemption Certificate, listing CHCF as the withholding agent and docHubing exemption from the withholding requirement. CA Form 587, Nonresident Income Allocation Worksheet, which allocates the expected income under CHCFs contract for work completed within and outside of California.

Who is exempt from California withholding?

Wages paid to nonresidents of California for services performed inside the state are subject to withholding for state income tax; only wages paid to nonresidents of California for services performed outside the state are exempt from withholding. California does not distinguish between U.S. citizens, U.S. residents, and

What is FTB 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.

What triggers an underpayment penalty?

An underpayment penalty is a charge the IRS imposes on taxpayers who did not pay all of their estimated income taxes for the year or paid their taxes late. Youll face an underpayment penalty if you: Didnt pay at least 90% of the tax on your current-year return or 100% of the tax shown on the prior years return.

What is a reasonable cause for FTB penalty abatement?

Note: Reasonable Cause Abatement If a taxpayer can prove they exercised ordinary care and prudence, but were still late in filing or paying, they may request a penalty relief based on reasonable cause by submitting Form 2917 to the FTB.

FTB 5805-2025

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