CA Requirement and Forms Flashcards
(26 cards)
Who must file in the state of CA?
1) Either CA Gross income/his CA AGI was more than the amount shown for his filing status, age, and number of dependants;
2) If he has a tax liability for 2021;
3) owes any taxes regarding lump-sum, Qualified retirement plan , kiddie-tax, alternative minum tax, recapture tax ,deffered tax on certain installment obligations, and accumulated distribution from a trust tax.
Can a taxpayer elect to report theit child’s income?
Yes, if the income was 11,000.00 or less, but not less than $1,100.00 on their tax return by completeing Form FTB 3808.
What is form FTB 3803?
Parent’s election to Report Child’s Interest and Dividends.
If Parent does not elect to report Child Investment income, how should the child file?
Each child with investment income in excess of $2,200.00 must file a return that includes the FTB 3800.
What is form FTB 3800?
Tax Computation for Certain Children with Unearned Income in their Tax Return. *Kiddie-tax.
What is the Federal Equivelent of FTB 3803?
Form 8814, “Parents election to report Child’s Interest and Dividends.”
What is the Federal Equivelent of FTB 3800?
Form 8615, “Tax for Certain Children who have Unearned Income.”
Who is eligible for a CA refund?
- Made estimated tax payments to CA;
- Had state income tax withheld from earnings;
- Paid real estate witholdings tax;
- Had excess CA SDI/VPDI, had two/more employers during 2021, and received more than 128,298 in wages.
-Had earned income and qualifies to claim CA EITC.
If you file a return or claim a refund for a deceased person, you must be:
- A suviving spouse/RDP (Must file a Joint Return)
- a surviving relative
- a sole beneficiary
- Legal rep. of the estate
For an estate /Trust, the return must be filed within:
3 1/2 months after the close of the month in which the estate or trust was terminated.
Does CA Tax all state and municipal bond interest?
No, only from non-CA sources.
Can Tax payers file a 540 2EZ if they have income from sources outside of CA?
No, income from outside of CA must be reported on a 540 form.
What is a 540NR?
CA Non-resident tax form for when the tax payer resided in CA for only part of the tax year, or was not a resident at all, but had CA source income.
What is World-wide Income?
Non-CA Income Sources.
Do residents get taxed on all types of income? If so, which kind?
Income from residing in CA and Worldwide income.
Does CA allow a credit for worldwide income?
Yes, CA gives a credit for tax on non-CA income to prevent double taxation.
Do part-year residents get taxed on all income as well?
Yes, they are taxed on all income earned while a resident of CA and income form CA sources while a nonresident (For 540NR).
Do nonresidents get taxed on income from CA?
Yes, but only on income from CA sources.
How is 540NR used?
It is used to divide total CA income by the total worldwide income to calculate the CA Ratio. Then, the Taxpayer calculates the tax on his worldwide income on schedule CA (540NR) as thought he was a resident. Then, the taxpayer multiplies the tax by the CA ratio.
If TP did not reside in CA during the Tax Yr but receieved income from a CA income source:
he is a NR (540NR) or part-yr. Resident Income Tax Return.
If TP spends more than 9 months in CA in a Tax Yr.:
He will be presumed a CA resident.
If TP stays in CA for other than temporary/transitory purpose:
CA resident. Income is taxable by CA.
What is a part year resident?
a TP that moved in or out of CA during the Tax Yr. but recieved income from a CA source, he is a NR of CA and should file a CA NR Part-year Resident (540NR).
What is Safe Harbor?
TP who lives in CA under employment-related contracts for an uninterupted period of 546 consecutive days are considered Non-Residents.
