2017 Personal Income Tax Booklet 540 FTB ca.gov

For California purposes, if you are an ineligible entity and deducted eligible expenses for federal purposes, include this amount on line 7. Enter taxable year beginning and ending dates only if the return is for a short year or a fiscal year. If the S corporation reports its income using a calendar year, leave the date area blank. If a domestic corporation Online Bookkeeping files the first California tax return, the fiscal year beginning date must be the date the corporation is incorporated.

Line 50 – Nonrefundable Child and Dependent Care Expenses Credit

The social security number (SSN) of the individual cannot be used as the california tax rate schedule FEIN for the bankruptcy estate. For more information get Form 541-B, Charitable Remainder and Pooled Income Trusts. Additional information can be found in the instructions for California form FTB 3805V.

• In order to be allowed a credit, the qualified taxpayer must have a net increase in the total number of full-time employees in California.
• The QSub annual tax is subject to the estimated tax rules and penalties.
• The letters inform taxpayers of the type of deductions commonly overstated, where to find more information regarding what is deductible, and to file an amended tax return, if necessary.
• These preemptively address tax liabilities, preventing year-end surprises.

O. Interest and Penalties

Qualifying deductions might include an itemized deduction, the California standard deduction, exemptions for dependants, business expenses, etc. In compliance with the regulations set forth by California, employers are mandated to adhere to specific payroll deduction requirements. These deductions, essential for ensuring conformity with legal standards, are routinely withheld by employers. It’s important to note that these deductions are subject to annual revisions. For the year 2024, the detailed breakdown of California payroll deductions can be found below, reflecting our commitment to both regulatory adherence and transparency.

Other income tax considerations in California

Additional information can be found in the instructions for California Schedule CA (540) and form FTB 3504, Enrolled Tribal Member Certification. If you have a tax liability for 2017 or owe any of the following taxes for 2017, you must file Form 540. Even after you receive a refund, the FTB may request additional information to substantiate your claim. You will be notified if any of your overpayment was used to pay past due debts so that you will know how much was applied to your estimated tax. Schedule X – Beginning in taxable year 2023, the Schedule X, California Explanation of Amended Return Changes will be year specific. If you are amending a prior year tax return, get the Schedule X for the applicable tax year.

Contributions will fund research toward preventing and curing breast cancer. Breast cancer is the most common cancer to strike women in California. Contributions also fund research on prevention and better treatment, and keep doctors up-to-date on research progress. For more information about the research your contributions support, go to cbcrp.org.

California itemized deductions may be limited based on federal AGI. RDPs use your recalculated federal AGI to figure your itemized deductions. Enter on line 16 the amount from Schedule CA (540), line 37, column C. If a negative amount, see Schedule CA (540), line 37 instructions. Enter on line 14 the amount from Schedule CA (540), line 37, column B.

You do not have to make estimated tax payments if you are a nonresident or new resident of California in 2020 and did not have a California tax liability in 2019. You may not claim this credit if you used the single, head of household, qualifying widow(er), or married/RDP filing jointly filing status. You may not claim this credit if you used the head of household, married/RDP filing jointly, or the qualifying widow(er) filing status. If your dependent child was born and died in 2019 and you do not have an SSN for the child, enter “Died” in the space provided for the SSN and include a copy of the child’s birth certificate, death certificate, or hospital records. Please be sure to fill in the routing and account numbers carefully and double-check the numbers for accuracy to avoid it being rejected by your bank. For more information, get form FTB 3840, California Like-Kind Exchanges, or go toftb.ca.gov and search for like kind.

Cancellation of Debt Income (CODI)

• Attach a statement to the front of Form 540 explaining that payments were made under both SSNs.
• Nonresidents of California who received California sourced income in 2024, or moved into or out of California in 2024, file Form 540NR.
• If the estate or trust has tax-exempt income, the amounts included on line 10 through line 15c must be reduced by the allocable portion attributed to tax-exempt income.
• In addition, understanding which bracket your income falls into helps forecast potential tax liabilities and manage them proactively.
• The total of the amended Form 540NR, line 126 and line 127 must equal the total amount of your refund on Schedule X, line 11.

Code 408, California Peace Officer Memorial Foundation Voluntary Tax Contribution Fund – Contributions will be used to preserve the memory of California’s fallen peace officers and assist the families they left behind. Code 401, Alzheimer’s Disease and Related Dementia Voluntary Tax Contribution Fund – Contributions will be used to provide grants to California scientists to study Alzheimer’s disease and related disorders. This research includes basic science, diagnosis, treatment, prevention, behavioral problems, and care giving. For net sales more information, go to cdph.ca.gov and search for Alzheimer. If you are a QSF, use form FTB 5806, Underpayment of Estimated Tax by Corporations, to compute the penalty.