California Form 5805f - Underpayment Of Estimated Tax By Farmers And Fishermen - 2014 Page 2

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2014 Instructions for Form 5805F
Underpayment of Estimated Tax by Farmers and Fishermen
General Information
D Exceptions to the Penalty
F Amended Tax Returns
You do not owe a penalty for 2014 if any of the
If you file an amended tax return by the
The instructions provided with California tax
following apply:
due date of your original tax return, use the
forms are a summary of California tax law
amounts shown on your amended tax return
and are only intended to aid taxpayers in
1 . You file your 2014 tax return and pay the full
to figure your underpayment . If you file an
preparing their state income tax returns . We
amount of tax due by March 3, 2015 .
amended tax return after the due date of your
include information that is most useful to the
2 . The tax for 2013, after credits, was less than
original tax return, use the amounts shown on
greatest number of taxpayers in the limited
$500 ($250 if married/registered domestic
the original tax return .
space available . It is not possible to include
partner (RDP) filling separately) calculated
all requirements of the California Revenue
as follows:
Exception: If you and your spouse/RDP file
and Taxation Code (R&TC) in the tax booklets .
a joint tax return after the due date to replace
• Form 540, add line 48, line 61, and line
Taxpayers should not consider the tax booklets
separate tax returns you originally filed by the
62 less the tax on lump-sum distributions
as authoritative law .
due date, use the amounts shown on the joint
included on line 34 and less line 71,
tax return to figure your underpayment . This
The Mental Health Services Act imposes an
line 73, and line 74 .
rule applies only if both original separate tax
additional 1% tax on taxable income over
• Long Form 540NR, add line 63, line 71,
returns were filed on time .
$1,000,000 and is included in the calculation of
and line 72 less the tax on lump-sum
the estimated tax .
distributions included on line 41 and less
Important: Even if you do not owe a
line 81, line 83, and line 84 .
Alternative Minimum Tax (AMT) is included in
penalty, do both of the following:
• Form 541, line 28 less the tax on
the calculation of estimated tax .
lump-sum distributions included on
• Attach this form to the back of your
The underpayment of estimated tax penalty
line 21b and less line 29 and line 31 .
Form 540, Long Form 540NR, or
shall not apply to the extent the underpayment
Form 541 .
3 . The tax for 2013 (from line 9) is less than
of an installment was created or increased
• Check the box on Form 540, line 113;
$500 ($250 if married/RDP filing separately) .
by any provision of law that is chaptered
Long Form 540NR, line 123; or
4 . You had no tax liability for 2013 and your
during and operative for the taxable year of
Form 541, line 42 if you are a farmer or
2013 tax return was for a full 12 months
the underpayment . To request a waiver of
a fisherman . This helps the Franchise
(or would have been if you were required to
underpayment of estimated penalty, follow the
Tax Board identify you as a farmer or
file) . You do not need to have had income in
directions under General Information E .
fisherman and correctly process your
each month .
tax return .
A Purpose
E Waiver of the Penalty
Use Part I of form FTB 5805F, Underpayment
All or part of the penalty for underpayment may
of Estimated Tax by Farmers and Fishermen,
be waived if either of the following apply:
to determine if you, as a farmer or fisherman,
paid the required amount of estimated tax . Use
• You underpaid the estimated tax because
Part II to compute your estimate penalty if you
of a casualty, disaster, or other unusual
did not pay enough estimated tax .
circumstance and it would be inequitable to
impose the penalty .
B Qualifications
• In 2013 or 2014, you retired after age 62 or
became disabled and your underpayment
You are a farmer or fisherman and at least
was due to reasonable cause .
two-thirds of your 2013 or 2014 gross
income is from farming or fishing . If you
To request a waiver you must do all of
need help determining your gross income, get
the following:
federal Publication 505, Tax Withholding and
• Complete form FTB 5805F through line 15
Estimated Tax .
without regard to the waiver . Write the
If you determine that you are not a farmer or
amount you want waived in parentheses on
fisherman, do not use this form . Instead, use
the dotted line next to line 16 . Subtract this
form FTB 5805, Underpayment of Estimated
amount from the total penalty you figured
Tax by Individuals and Fiduciaries, to determine
without regard to the waiver, and enter the
if you owe an estimate penalty .
result on line 16 .
• Check the box on line 16 .
C Required Estimate Payment
• Below line 16, explain why you are
requesting a waiver of the estimate penalty .
If you are a farmer or fisherman, you are
If you need more space, attach a statement .
required to make an estimated tax payment of
Be sure to include your name and tax ID no .
66
% ( .6667) of your 2014 tax or 100% of
/
2
3
on each statement you attach .
your 2013 tax, whichever is less . If you are a
• Enter the amount, if any, from line 16 on
calendar year taxpayer, your payment must be
Form 540, line 113; Long Form 540NR,
filed and paid by January 15, 2015 . If you are
line 123; or Form 541, line 42 and check the
a fiscal year taxpayer, your payment must be
box on that line .
filed and paid by the 15th day of the 1st month
after the close of your taxable year .
When the estimate due date falls on a weekend
or holiday, the deadline to file and pay without
penalty is extended to the next business day .
Page 1 FTB 5805F Instructions 2014

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