California Form Ftb 3805p - Additional Taxes Attributable To Iras, Other Qualified Retirement Plans, Annuities, Modified Endowment Contracts And Msas - 1998 Page 2
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4annuity or modified endowment contract
Year Resident Income Tax Return, you must
retirement account or an individual retirement
and you incorrectly have an exception
attach your 1998 form FTB 3805P to your
annuity.
code in box 7 of Form 1099-R;
return.
Roth IRA – An IRA that meets the require-
•
Owe a tax because you received distribu-
If you do not have to file Form 540 or
ments of IRC Section 408A. Generally, for the
tions from an Ed IRA in excess of amounts
Form 540NR but owe a tax on form
purposes of this form, the same rules that
you spent for educational expenses
FTB 3805P or otherwise have to file form
apply to traditional IRAs apply to Roth IRAs.
(complete Part II);
FTB 3805P as described in General Informa-
For additional information about Roth IRAs,
•
Received taxable distributions from an
tion B, you must still complete and file this
see federal Pub. 590, Individual Retirement
MSA; or
form with the Franchise Tax Board (FTB) by
Arrangements (IRAs), federal Form 8606,
•
Meet an exception to the tax on early
the due date for filing Form 540 or Form
Nondeductible IRAs, and FTB Pub. 1005A,
distributions and distribution code 2, 3 or 4
540NR. Send your completed form FTB
California Tax Treatment of Roth IRA.
is NOT shown or is incorrect on
3805P and your check or money order paya-
Early Distributions – Generally, any distribu-
Form 1099-R. (You must file even if you
ble to the ‘‘Franchise Tax Board’’ for the total
tion from your qualified retirement plan, annu-
do not owe any tax.)
of any taxes due. Write your social security
ity or modified endowment contract that you
You do not have to file form FTB 3805P
number and ‘‘1998 FTB 3805P’’ on your
receive before you reach age 59
1
⁄
is an early
2
if you:
check or money order.
distribution. The portion of the early distribu-
•
Rolled over the taxable part of all distribu-
Mail to:
FRANCHISE TAX BOARD
tion that is included in income is subject to an
tions you received during the year into
PO BOX 942867
additional 2
1
⁄
% tax. (If the early distribution is
2
another qualified plan within 60 days of
SACRAMENTO CA 94267-0001
from a SIMPLE retirement plan, the portion
receipt; or
included in income is subject to an additional
If you are paying tax for a previous year, you
•
Received an early distribution from your
6% tax.)
must complete that tax year’s version of form
plan but meet an exception to the tax (dis-
FTB 3805P. If you have filed your Form 540
Rollover – A tax-free distribution (withdrawal)
tribution code 2, 3 or 4 must be correctly
or Form 540NR for the prior year and you
of assets from one qualified retirement plan
shown on federal Form 1099-R).
have no adjustments to income that require
that is contributed to another plan. Generally,
California and federal laws are the same for
you to file Form 540X, Amended Individual
you must complete the rollover within 60 days
tax on early distributions except for the rate of
Income Tax Return, file only form FTB 3805P.
following the distribution for it to qualify for
tax assessed. However, the amount of an IRA
tax-free treatment. Refer to IRS Publica-
If you are filing form FTB 3805P separately
or Keogh distribution included in income may
tion 590 for details.
from Form 540, Form 540NR or Form 540X,
differ for state and federal tax purposes. Also,
you must sign form FTB 3805P. Include a
Tax on Early Distributions. The tax on early
California does not have taxes similar to the
check or money order payable to the ‘‘Fran-
distributions from qualified retirement plans
excess contributions tax on traditional IRAs,
chise Tax Board’’ for the total amount of any
does not apply to:
tax on excess contributions to Roth IRAs, tax
•
tax due. Write your social security number
1998 IRA contributions withdrawn during
on excess contributions to Ed IRAs, tax on
and ‘‘FTB 3805P’’ on your check or money
the year or 1997 excess contributions with-
excess contributions to MSAs or tax on
order.
drawn in 1998 before the filing date (in-
excess accumulation in qualified retirement
cluding extensions) of your 1997 income
plans.
D Definitions
tax return;
•
Such federal taxes are figured on federal
Qualified Retirement Plan – A qualified
Excess IRA contributions for years before
Form 5329, Additional Taxes Attributable to
retirement plan includes:
1997 that were withdrawn in 1998, and
IRAs, Other Qualified Retirement Plans, Annu-
•
1997 excess contributions withdrawn after
A qualified pension, profit-sharing and
ities, Modified Endowment Contracts and
the due date (including extensions) of your
stock bonus plan (including a Keogh plan
MSAs, Part III through Part VII.
1997 income tax return, if no deduction
and a qualified cash or deferred arrange-
Joint Returns. Each spouse must complete a
was allowed for the excess contributions,
ment (CODA) described in IRC Section
separate form FTB 3805P for taxes attribut-
and the total IRA contributions for the tax
401(k));
•
able to his or her distribution from a qualified
year for which the excess contributions
A qualified annuity plan;
•
retirement plan as described above. If both
were made were not more than $2,000 (or
A tax-sheltered annuity contract; or
•
spouses owe a tax on early distributions,
if the total contributions for the year
An individual retirement account or an
enter the combined tax from both forms on
included employer contributions to a SEP,
individual retirement annuity.
Form 540, line 36 or Form 540NR, line 45.
$2,000 increased by the smaller amount of
Traditional IRA – An individual retirement
the employer contributions to the SEP or
IRA Contributions. Do not file form
account or an individual retirement annuity
$30,000);
FTB 3805P to report a deduction for contribu-
•
described in IRC Sections 408(a) and (b),
The part of your IRA distributions that rep-
tions to your IRA or Keogh plan. See the
including a simplified employee pension (SEP)
resents a return of nondeductible IRA con-
instructions for Schedule CA (540), California
IRA, but not including a SIMPLE IRA or a
tributions figured on federal Form 8606;
Adjustments — Residents, or Schedule CA
•
Roth IRA.
The part of your IRA distribution that repre-
(540NR), California Adjustments — Nonresi-
SEP IRA – An employer-sponsored plan
sents a return of nondeductible contribu-
dents or Part-Year Residents.
under which an employer can make contribu-
tions made before 1987 or annual
If you made a nondeductible IRA or Keogh
tions to IRAs established for its employees.
contributions (not rollover contributions
contribution in prior years, refer to FTB
The term SEP IRA means an IRA that
from employer-sponsored plans) plus
Pub. 1005, Pension and Annuity Guidelines,
receives contributions made under a SEP.
earnings made as a nonresident;
•
for information on how to compute the taxable
The term SEP includes a salary reduction
Distributions rolled over to another retire-
portion of your IRA distribution subject to the
SEP described in IRC Section 408(k)(6).
ment arrangement or plan;
•
additional tax.
Distributions of excess contributions from a
SIMPLE Retirement Plan – A written
qualified cash or deferred arrangement;
arrangement established under IRC
C When and Where to File
•
Distributions of excess aggregate contribu-
Section 408(p) that provides a simplified tax-
If you are required to file a 1998 Form 540,
tions to meet nondiscrimination
favored retirement plan for small employers. A
California Resident Income Tax Return, or
requirements for employer matching and
SIMPLE retirement plan can be an individual
Form 540NR, California Nonresident or Part-
employee contributions;
Side 2
FTB 3805P
1998
C2
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