California Form 592-B - Resident And Nonresident Withholding Tax Statement - 2012 Page 3
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4B Common Errors/Helpful Hints
accompanying the distribution or payment.
tax purposes, grantor trusts are transparent.
However, the withholding agent may choose
The individual grantor must report the income
• Get taxpayer identification numbers (TINs)
to report the tax withheld to the payee on a
and claim the withholding on the individual’s
from all payees.
Form 592-B.
California tax return.)
• Complete all fields.
If the recipient is a non-grantor trust, enter
• Complete all forms timely to avoid penalties.
E Penalties
the name of the trust and the trust’s federal
employer identification number (FEIN). Do not
C Who Must Complete
The withholding agent must furnish complete
enter trustee information.
and correct copies of Form(s) 592-B to the
Form 592-B must be completed by any person
recipient (payee) by the due date.
If the trust has applied for a FEIN, but it has
who:
not been received, zero fill the space for the
If the withholding agent fails to provide
• Has withheld on payments to residents or
trust’s FEIN and attach a copy of the federal
complete, correct, and timely Form(s) 592-B
nonresidents.
application behind Form 592-B. After the FEIN
to the recipient (payee), the penalty per
• Has withheld backup withholding on
is received, amend Form 592-B to submit the
Form 592-B is:
payments to residents or nonresidents.
assigned FEIN.
• $50 for each payee statement not provided
• Is a pass-through entity that was withheld
Only withholding agents can complete an
by the due date.
upon and must flow-through the withholding
amended Form 592-B. Upon completion, the
• $100 or 10 percent of the amount required
credit.
withholding agent should provide a copy of
to be reported (whichever is greater), if the
Record Keeping
the amended Form 592-B to the recipient. If a
failure is due to intentional disregard of the
The withholding agent retains the proof of
recipient notices an error, the recipient should
requirement.
withholding for a minimum of four years
contact the withholding agent.
and must provide it to the FTB upon request.
If the recipients are married/RDP, enter only
Specific Instructions
Form 592-B is provided to the recipient to file
the name and SSN or ITIN of the primary
with their state tax return. This form can be
spouse/RDP. However, if the recipients intend
Year – Make sure the year in the upper left
provided to the payee electronically. A broker
to file separate California tax returns, the
corner of Form 592-B represents the calendar
can provide Form 592-B as a composite
withholding agent should split the withholding
year in which the withholding took place. If an
statement. For more information go to
and complete a separate Form 592-B for each
S corporation’s, partnership’s, LLC’s, or trust’s
ftb.ca.gov and search for electronic 592-B
spouse/RDP.
current distribution represents a prior taxable
requirements.
year of California source income, the taxable
Part III – Type of Income
year on Form 592-B must represent the year
D When To Complete
the income was earned. (Except for foreign
Subject to Withholding
Form 592-B must be provided to:
partners, withholding of tax by withholding
Check the box(es) for the type of income
agents must be on a calendar-year basis,
• Each resident or nonresident by January 31
subject to withholding.
regardless of the accounting period adopted by
following the close of the calendar year,
the payee or withholding agent.)
except for brokers as stated in Internal
Part IV – Tax Withheld
Revenue Code (IRC) Section 6045.
For foreign partners in a partnership, or foreign
• A recipient before February 15 following the
members in an LLC, make sure the year in the
Line 1
upper left corner of Form 592-B is the year that
close of the calendar year for brokers.
Enter the total income subject to withholding.
the partnership’s or LLC’s taxable year ended.
• Foreign partners in a partnership or members
Line 2
in a limited liability company (LLC) on
For example, if the partnership’s or LLC’s
Enter the total California tax withheld
or before the 15th day of the 4th month
taxable year ended 12/31/09, use the 2009
(excluding backup withholding). The amount
Form 592-B.
following the close of the taxable year.
of tax to be withheld is computed by applying
If all the partners in the partnership or members
Private Mail Box (PMB) – Include the PMB
a rate of 7% on items of income subject to
in the LLC are foreign, Form(s) 592-B must be
in the address field. Write “PMB” first, then
withholding, i.e. interest, dividends, rents and
provided on or before the 15th day of the 6th
the box number. Example: 111 Main Street
royalties, prizes and winnings, premiums,
PMB 123.
month after the close of the taxable year.
annuities, emoluments, compensation
for personal services, and other fixed or
When making a payment of withholding
Foreign Address – Enter the information in
determinable annual or periodical gains, profits
tax to the IRS under IRC Section 1446, a
the following order: City, Country, Province/
and income. For foreign partners, the rate is
Region, and Postal Code. Follow the country’s
partnership must notify all foreign partners of
8.84% for corporations, 10.84% for banks
their allocable shares of any IRC Section 1446
practice for entering the postal code. Do not
and financial institutions, and 12.3% for all
tax paid to the IRS by the partnership. The
abbreviate the country’s name.
others. For pass through entities, the amount
partners use this information to adjust the
withheld is allocated to partners, members,
Part I – Withholding Agent
amount of estimated tax that they must
S corporation shareholders, or beneficiaries,
otherwise pay to the IRS. The notification to
Enter the withholding agent’s name, tax
whether they are residents or nonresidents of
the foreign partners must be provided within
identification number, address, and telephone
California, in proportion to their ownership or
10 days of the installment due date, or, if paid
number.
beneficial interest.
later, the date the installment payment is made.
See Treas. Regs. Section 1.1446-3(d)(1)(i)
Line 3
Part II – Recipient
for information that must be included in
Enter the total backup withholding. Compute
the notification and for exceptions to the
Enter the name of recipient, DBA (if applicable),
backup withholding by applying a 7% rate
notification requirement. For California
to all reportable payments subject to IRS
tax identification number, and address for the
withholding purposes, withholding agents
backup withholding with a few exceptions. For
recipient (payee).
should make a similar notification. No
California purposes dividends, interests, and
If the recipient is a grantor trust, enter
particular form is required for this notification,
any financial institutions release of loan funds
the grantor’s individual name and social
and it is commonly done on the statement
made in the normal course of business are
security number (SSN) or individual taxpayer
exempt from backup withholding.
identification number (ITIN). Do not enter the
name of the trust or trustee information. (For
Form 592-B 2011 (REV 12-12) Page 3
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