California Form Ftb 3805p - Additional Taxes Attributable To Iras, Other Qualified Retirement Plans, Annuities, Modified Endowment Contracts And Msas - 1998 Page 3
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2
3
4•
Distributions of excess deferrals; and
amount of contributions you deducted for Cali-
gold coins and one ounce silver coins minted
•
Amounts distributed from unfunded
fornia was different than the federal amount or
by the U.S. Treasury Department. Beginning
deferred compensation plans of tax-
if you were a nonresident when you made
in 1998, your IRA can invest in certain plati-
exempt or state and local government
IRA contributions. You must report the differ-
num coins and certain gold, silver, palladium
employers.
ence on Schedule CA (540) or
and platinum bullion.
Schedule CA (540NR).
See the instructions for line 2 for other distri-
Line 2 – Distributions Excepted From Addi-
butions that are excepted from the tax.
For Form 540NR filers, the amount entered on
tional Tax
line 1 is the taxable amount of early distribu-
Education (Ed) IRA – A trust or custodial
The additional tax does not apply to certain
tions reported on Schedule CA (540NR),
account described in IRC Section 530 that is
distributions specifically excepted by the IRC.
line 15, column E, or Schedule CA (540NR),
created or organized in the United States
Enter on line 2 the excepted amount. In the
line 16, column E.
exclusively for the purpose of paying the qual-
boxes on line 2, enter the applicable excep-
Annuity contracts. If you receive any
tion number (01 – 10) from the list below.
ified higher education expenses of the desig-
nated beneficiary of the account.
amounts under an annuity contract from distri-
Form 540NR Filers: Enter the portion of the
butions made before reaching age 59
1
⁄
, such
Taxpayers may deposit up to $500 per year
2
taxable distribution (Schedule CA (540NR),
amounts may also be subject to an additional
into an Ed IRA for a child under age 18. The
line 15 or line 16) that qualifies for an
2
1
⁄
% tax on the portion which is includible in
2
total contributions (by all taxpayers) for the
exception.
gross income. Refer to IRC Section 72(q) and
child during the tax year may not exceed
No. Exception
IRS Publication 575, Pension and Annuity
$500 and each contributor is subject to the
01 Distribution due to separation from ser-
Income, for details. Enter on line 1 the distri-
contributions limit of IRC Section 530(c) based
vice in or after the year of reaching 55.
bution included in gross income.
on adjusted gross income.
02 Distribution made as part of a series of
Modified endowment contracts. In general,
Distributions from an Ed IRA that exceed the
substantially equal periodic payments
if you received any amounts under a modified
child’s qualified higher education expenses in
(made at least annually) for your life (or
endowment contract (as defined in IRC Sec-
a tax year are generally subject to income tax
life expectancy) or the joint lives (or joint
tion 7702A), entered into after June 20, 1988,
and to an additional tax of 10% (figured in
life expectancies) of you and your desig-
from distributions before reaching age 59
1
⁄
,
Part II of form FTB 3805P).
2
nated beneficiary (if from a qualified
such amounts are also subject to an addi-
For additional information, see federal
employee plan, payments must begin
tional 2
1
⁄
% tax on the part of the distribution
2
Form 8606.
after separation from service).
that is includible in gross income. Enter on
A Medical Savings Account (MSA) – A tax-
03 Distribution due to total and permanent
line 1 the distribution included in gross
exempt trust or custodial account set up in the
disability. To meet this exception, you
income.
United States exclusively for paying the quali-
must be unable to engage in any sub-
Prohibited Transactions. If you engaged in a
fied medical expenses of the account holder
stantial gainful activity by reason of any
prohibited transaction, such as borrowing
or the account holder’s spouse or depen-
medically determinable physical or men-
from your individual retirement account or
dent(s) in conjunction with a high deductible
tal impairment that can be expected to
annuity, or pledging your individual retirement
health plan (HDHP).
result in death or to be of long-continued
annuity as security for a loan, your account
and indefinite duration.
Federal Form 8853 is used to report general
or annuity no longer qualified as an IRA on
information about new MSAs, to figure your
See IRS Publication 590. If you do not
the first day of the tax year in which you did
MSA deduction, and to figure your taxable
owe tax on your early distribution
the borrowing or pledging. You are considered
distribution for MSAs. California law is the
because of this exception, and the
to have received a distribution of the entire
same as federal law regarding MSA contribu-
Form 1099-R that you received shows
value of your account or annuity at that time.
tions and deductions but is different regarding
distribution code 3, you do not have to
Using your IRA as a basis for obtaining a
the amount of additional tax on MSA distribu-
file form FTB 3805P unless otherwise
benefit is also a prohibited transaction. If you
tions not used for qualified medical expenses.
required.
⁄
on the first day of the
were under age 59
1
2
The additional tax is 10% for California.
taxable year, enter on line 1 the entire value
04 Distributions due to death (does not
of the account that represents taxable income.
Therefore, for California purposes, there is no
apply to modified endowment contracts).
separate form to file to report general informa-
Pledging of Account. If, during your taxable
If you do not owe tax on your early distri-
tion about new MSAs or to figure your MSA
year, you use any part of your individual
bution because of this exception, and the
deduction. However, if you have a taxable
retirement account as security for a loan, that
Form 1099-R that you received shows
MSA distribution, you must file form
part is considered distributed to you at the
distribution code 4, you do not have to
FTB 3805P to figure the additional tax.
time pledged. If you were under age 59
1
⁄
at
file form FTB 3805P unless otherwise
2
the time of the pledge, enter the amount
required.
pledged on line 1.
Specific Line Instructions
05 Distribution to the extent you have medi-
Collectibles. If your IRA trustee invested your
cal expenses deductible under IRC
Part I — Tax on Early Distributions
funds in collectibles, you are considered to
Section 213.
have received a distribution equal to the cost
Line 1 – Early Distributions Included in
06 Distributions made to an alternate payee
of any ‘‘collectible.’’ Collectibles include works
Gross Income
under a qualified domestic relations
of art, rugs, antiques, metals, gems, stamps,
order.
Qualified Retirement Plans (including
coins, alcoholic beverages and certain other
IRAs). Enter the amount of distributions
07 Distributions made to unemployed indi-
tangible personal property. The cost of any
included in gross income you received from a
viduals for health insurance premiums.
collectible in which you invested funds of your
qualified retirement plan, including traditional
IRA in 1998 is deemed to be a distribution to
08 Distributions made for higher education
IRAs and Roth IRAs (and income earned on
you in 1998. If you were under age 59
1
⁄
when
expenses.
2
excess contributions to your IRAs), before you
the funds were invested, enter on line 1 the
09 Distributions made for first home pur-
reached age 59
1
⁄
. The amount of the early
cost of the collectible included in gross
2
chases.
distributions you must include in gross income
income.
10 Other (see instructions below).
for California purposes may differ from the
Exception. Your IRA may invest in U.S. one,
amount reported on your federal return if the
one-half, one-quarter and one-tenth ounce
FTB 3805P
1998
Side 3
C2
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