Get the free FTB 3521

This form is used to compute and claim the Low-Income Housing Credit for residential rental projects providing low-income housing in California.

How to fill out ftb 3521

How to fill out FTB 3521

1. Begin by downloading the FTB 3521 form from the official California Franchise Tax Board website.
2. Write your name, address, and Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) at the top of the form.
3. Indicate your filing status by checking the appropriate box (e.g., Single, Married Filing Jointly).
4. Complete the income section, reporting all relevant income sources, including wages, interest, and other income.
5. Fill out the adjustments and deductions sections accurately to ensure proper calculations of your taxable income.
6. Review the credits available and complete the corresponding sections to claim any that apply to your situation.
7. Carefully calculate the tax owed using the provided tables or calculations.
8. Sign and date the form at the bottom, certifying its accuracy before submitting.

Who needs FTB 3521?

1. Individuals who are California residents or part-year residents, and who need to file a state income tax return or report their income for tax purposes.
2. Taxpayers seeking to claim tax credits, deductions, or adjustments related to their income.

People Also Ask about

What is form 3521?

The California Form 3521, known as the Low-Income Housing Credit form, serves as a critical document for entities seeking to claim credit against their California tax obligations for investment in low-income housing.

What is the California part year resident tax form?

Residents file a form 540 or 540 2EZ. Nonresidents and part-year residents file a 540 NR. Why Is Residency Important?

What is the form for California estimated tax payments?

Use Form 540-ES, Estimated Tax for Individuals, and the 2025 California Estimated Tax Worksheet, to determine if you owe estimated tax for 2025 and to figure the required amounts. Estimated tax is the tax you expect to owe in 2025 after subtracting the credits you plan to take and tax you expect to have withheld.

What is FTB mental health tax?

The California Mental Health Services Act imposes an additional 1% tax on taxable income over $1,000,000 and is included in the calculation of the estimated tax. Alternative Minimum Tax (AMT) is included in the calculation of estimated tax.

What form is used to claim the California earned income credit?

The California EITC reduces your California tax obligation, or allows a refund if no California tax is due. You do not need a child to qualify, but must file a California income tax return to claim the credit and attach a completed form FTB 3514, California Earned Income Tax Credit.

What is the low income housing tax credit in California?

The LIHTC program reduces the federal tax liability in exchange for the acquisition, rehabilitation, or construction of affordable rental housing units that will remain income and rent restricted over a long period (55 years for California).

For pdfFiller’s FAQs

What is FTB 3521?

FTB 3521 is a form used by the California Franchise Tax Board for reporting certain tax credits and related information.

Who is required to file FTB 3521?

Individuals or entities that are claiming specific tax credits in California must file FTB 3521 to report the necessary details.

How to fill out FTB 3521?

To fill out FTB 3521, follow the instructions provided on the form, ensuring that all required fields are completed accurately based on your eligibility and tax situation.

What is the purpose of FTB 3521?

The purpose of FTB 3521 is to facilitate the reporting and claiming of certain tax credits that benefit individuals and businesses in California.

What information must be reported on FTB 3521?

The information that must be reported on FTB 3521 includes personal identification details, tax credits being claimed, and supporting financial information relevant to the claimed credits.