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STATE OF CALIFORNIA FRANCHISE TAX BOARD FTB Publication 1005 Pension and Annuity Guidelines Contents General Information. 1 Introduction. 1 Important Reminders. 1 Common Terms Used in this Publication. 2 Figuring Your California Pension Annuity and IRA Amounts. 2 Social Security and Railroad Retirement Benefits. 3 Three-Year Rule. 3 California Residents Receiving an Out-of-State Pension. 3 Nonresidents of California Receiving a California Pension. 3 Individual Retirement Arrangements IRAs. 4...

How to fill out ftb pub 1005

How to fill out FTB Pub 1005?

1. Gather all necessary information: Before starting to fill out FTB Pub 1005, make sure you have all the required information at hand. This may include your personal details, such as your name, address, Social Security number, and any relevant tax documents.
2. Understand the purpose of the form: FTB Pub 1005, also known as the California Power of Attorney Declaration, is a form used to designate someone to represent you before the California Franchise Tax Board (FTB). This person, known as your power of attorney, will have the authority to act on your behalf in tax-related matters.
3. Complete the top section of the form: Fill in your personal information in the designated fields at the top of FTB Pub 1005. This includes your name, address, taxpayer identification number, the type of tax form that the authorized representative can act upon, and the tax years or periods covered.
4. Appoint your representative: In the next section, titled "Declaration Regarding Representative," provide the full name, address, and telephone number of the person you are appointing as your power of attorney. Make sure to include their relationship to you.
5. Specify the powers granted: In the "Declaration of Authority" section, indicate the specific powers you wish to grant to your designated representative. This may include the ability to sign returns, represent you in audits, receive confidential tax information, and communicate with the FTB on your behalf. Be specific and check all the applicable boxes.
6. Sign and date the form: Once you have completed all the required sections, sign and date FTB Pub 1005 to make the declaration legally binding. If you have multiple representatives, each one may need to sign and date the form separately.
7. Submit the form to the FTB: After filling out and signing the form, make sure to keep a copy for your records and send the original to the California Franchise Tax Board. Use the address specified on the form or check the FTB's website for the most up-to-date mailing address.

Who needs FTB Pub 1005?

Individuals who require assistance with their tax-related matters and wish to designate someone to act as their power of attorney before the California Franchise Tax Board should use FTB Pub 1005. This may be necessary if the individual is unable to handle their tax affairs personally due to physical or mental incapacity, absence, or simply wishes to have someone represent them in tax-related dealings with the FTB. It is important to carefully consider and choose a trustworthy and competent representative to ensure proper handling of your tax matters.

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What is ftb pub 1005?

FTB Pub 1005 is a publication issued by the Franchise Tax Board that provides guidelines on how to report foreign financial accounts for tax purposes.

Who is required to file ftb pub 1005?

Individuals or entities who meet the threshold requirements for reporting foreign financial accounts are required to file FTB Pub 1005.

How to fill out ftb pub 1005?

FTB Pub 1005 can be filled out by providing information on the foreign financial accounts held, including account numbers, maximum values, and types of accounts.

What is the purpose of ftb pub 1005?

The purpose of FTB Pub 1005 is to ensure compliance with tax laws by reporting foreign financial accounts accurately.

What information must be reported on ftb pub 1005?

Information such as account numbers, maximum values, types of accounts, and any income derived from the foreign financial accounts must be reported on FTB Pub 1005.