CA FTB 5870A 2017 free printable template

TAXABLE YEAR2017Tax on Accumulation Distribution of TrustsCALIFORNIA FORM5870AAttach to beneficiaries tax return. Name(s) as shown on your tax returns or Innate of trustFEINStateBeneficiarys date

How to fill out CA FTB 5870A

How to fill out CA FTB 5870A

1. Obtain the CA FTB 5870A form from the California Franchise Tax Board (FTB) website.
2. Fill out your personal information in the designated sections, including your name, address, and Social Security number.
3. Provide details of the activity that generated the income or loss, including the type of business or investment.
4. Report any necessary amounts related to income, expenses, and other deductions as specified in the instructions.
5. Double-check all entries for accuracy and completeness.
6. Sign and date the form.
7. Submit the form either electronically or via mail to the appropriate address provided in the instructions.

Who needs CA FTB 5870A?

1. Individual taxpayers who have to report income or loss from certain businesses or activities.
2. Those who have sold a business or stopped conducting business and need to report the outcome.
3. Taxpayers claiming a loss from a partnership or S corporation.

Instructions and Help about CA FTB 5870A

The following information is provided for educational purposes only and in no way constitutes legal, tax, or financial advice. For legal, tax, or financial advice specific to your business needs, we encourage you to consult with a licensed attorney and×or CPA in your State. The following information is copyright protected. No part of this lesson may be redistributed, copied, modified or adapted without prior written consent of the author. California has a number of ongoing requirements for your LLC to remain in compliance with the State. The first of these is the Statement of Information which we discussed in a prior lesson. Remember your first Statement of Information is due within 90 days of the approval of your LLC. Then, you'll need to file it again every two years. It will be due by the anniversary date of the approval of your LLC. If you have not watched this lesson yet, please do so now. The next requirement is the Annual LLC Franchise Tax of $800. California charges an $800 Annual LLC Franchise Tax on LCS. This tax is due by all LCS regardless of income or the business activity. This is a “prepay tax”, meaning that it pays for the current year. Your first $800 payment for the LLC Franchise Tax is due by 15th day of the 4th month after your LLC is filed. The month your LLC is filed counts as Month 1, regardless if you file on the 1st of the month, the last of the month, or any day of the month, really. This means that if you were to file your LLC on March 22nd, then you must pay the $800 fee no later than June 15th (in this example, March is Month 1, April is Month 2, May is Month 3, and June is Month 4×. Then, every year after your first payment $800 LLC Franchise Tax will be due by April 15th. You pay the $800 LLC Franchise Tax using Form 3522 called the LLC Tax Voucher. We've included this form below in the download section, so that you can see it and get familiar with it. Failure to file before the deadline will result in the State charging late fees and penalties, and they will eventually dissolve your LLC if you do not pay the $800 Annual LLC Franchise Tax. This is not a popular requirement for California, but it is mandatory, and it is the cost of doing business in the State. There's no way to get around this tax. If you want to form an LLC in California, you have to pay this $800 tax within 4 months after you file your LLC and then again by April 15th of each year. Next is Form 3536, the Estimated Fee for LCS. In addition to filing and paying the $800 Annual LLC Franchise Tax, you'll also have to file a return called Form 3536, Estimated Fee for LCS, and pay an additional fee only if your LLC will make $250,000 or more during the tax year. The more you make, the higher the fee. For example, again if you're under $250,000 you don't have to pay this additional fee, but if you're between $250,000 — $500,000, the fee is $900. Between $500,000 and a million it’s ×2,500, etcetera as you can look at the table there. Again, the fees above...

People Also Ask about

What is FTB 5870A?

Purpose. Use form FTB 5870A to figure the additional tax under IRC Section 667 or R&TC Sections 17745(b) and (d) on an accumulation distribution made by a foreign trust and certain domestic trusts in the current year.

What does the FTB do?

The Franchise Tax Board (FTB) is the agency responsible for collecting state personal income taxes in California.

Where can I get CA state tax forms?

To order forms by phone: Call (800) 338-0505. Select 1 for Personal Income Tax, 2 for Business Entity Information. Select "Forms and Publications" Follow the recorded instructions, and enter the 3 digit code listed below, when instructed.

Which 540 form do I use?

Common California Income Tax Forms & Instructions The most common California income tax form is the CA 540. This form is used by California residents who file an individual income tax return. This form should be completed after filing your federal taxes, using Form 1040.

Do you need to attach federal return to California return?

California Franchise Tax Board requires the federal return to be attached to the California return as follows: Form 540: Federal return is required if federal return includes supporting forms or schedules other than Schedule A or Schedule B. Form 540NR: Federal return is required for all Form 540NR returns.

Is the IRS and FTB the same?

While the IRS enforces federal income tax obligations, the California Franchise Tax Board (FTB) enforces state income tax obligations.

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What is CA FTB 5870A?

CA FTB 5870A is the form used by the California Franchise Tax Board for reporting the sale or exchange of a partnership interest.

Who is required to file CA FTB 5870A?

Individuals and entities involved in the sale or exchange of a partnership interest in California are required to file CA FTB 5870A.

How to fill out CA FTB 5870A?

To fill out CA FTB 5870A, taxpayers need to provide details about the partnership, the seller's share of the partnership liabilities, and the sales proceeds among other necessary information.

What is the purpose of CA FTB 5870A?

The purpose of CA FTB 5870A is to calculate and report any California tax liabilities resulting from the sale or exchange of a partnership interest.

What information must be reported on CA FTB 5870A?

CA FTB 5870A requires reporting of information such as the name of the partnership, the seller's tax identification number, the sale price, and the seller's share of the partnership liabilities.