Use an amended Form 540 and Schedule X to make any changes to your California income tax returns previously filed. Kevin and Nancy are married at the end of 2024 and have no dependents. Kevin and Nancy are enrolled in a qualified health plan for 2024 with an annual premium of $10,000 and APTC of $6,500.
Schedule Y
Check “Amended return” in Item G at the top of page 1 of the form. Some or all of the dollar limitations that apply to Form 990-PF when filed with the IRS may not apply when using Form 990-PF instead of state or local report forms. IRS dollar limitations that may not meet some state requirements are the $5,000 total assets minimum that requires completion of Part II, column (c), and Part XIV; and the $50,000 minimum for listing the highest paid employees and for listing professional fees in Part VII.
When to File
If the results show that you owe, it is because you don’t have enough additional withholding or because filing your original return with the information you have now would have resulted in a smaller overpayment or a balance due. Your filing status for California must be the same as the filing status you used on your federal income tax return, unless you are in a RDP. If you are an RDP and file single for federal, you must file married/RDP filing jointly or married/RDP filing separately for California.
In addition to completing Part VII, if you want to explain the compensation of one or more officers, directors, and trustees, you may provide an attachment describing the person’s entire 2024 compensation package. List the names, addresses, and other information requested for those who were officers, directors, and trustees (or any person who had responsibilities or powers similar to those of officers, directors, or trustees) of the instructions 2021 foundation at any time during the year. Each must be listed whether or not they receive any compensation from the foundation. Give the address at which officers, etc., prefer the IRS to contact them.
- In addition to these requirements, foreign organizations checking the box in D1 of the Heading on Form 990-PF don’t complete Part IV or Part I, line 7.
- For instructions on making more than four separate allocations, see Line 34, later.
- The Use Tax Worksheet and Estimated Use Tax Lookup Table will help you determine how much use tax to report.
- You must answer “Yes” or “No” by checking the appropriate box.
- Otherwise, the foundation’s undistributed income as of the end of the following tax year is generally subject to tax until corrected.
Use Tax Worksheet (See Instructions Below)
If the total amount distributed is an HFD and you elect to exclude it from income, enter -0- on line 4b. If only part of the distribution is an HFD and you elect to exclude that part from income, enter the part that isn’t an HFD on line 4b unless Exception 2 applies to that part. If you were a statutory employee, the “Statutory employee” box in box 13 of your Form W-2 should be checked. Statutory employees include full-time life insurance salespeople and certain agent or commission drivers, certain traveling salespeople, and certain homeworkers. Statutory employees report the amount shown in box 1 of Form W-2 on a Schedule C along with any related business expenses. Enter the total of your taxable dependent care benefits from Form 2441, line 26.
- You own both the specified foreign financial asset owned by the disregarded entity and the specified foreign financial asset you own directly, for a total value of $55,000.
- If you weren’t covered by a retirement plan but your spouse was, you are considered covered by a plan unless you lived apart from your spouse for all of 2024.
- These foundations are subject to a 1.39% tax on net investment income under section 4940(a).
- Enter the total of your tip income that was not reported on Form 1040, line 1a.
Lines 1a Through 1z
You can download items from the IRS website at IRS.gov/FormsPubs. The time for filing Form 990-PF with the IRS may differ from the time for filing state reports. State and local filing requirements may require attaching to Form 990-PF one or more of the following. Used to report income from qualified intellectual property. Used to report information concerning employee benefit plans and Direct Filing Entities.
You may be able to increase an education credit if the student chooses to include all or part of a Pell grant or certain other scholarships or fellowships in income. Enter the recapture amount of the net EPE claimed on Form 4255, line 1d, column (l) related to the credit from Form 3468, Part IV. Enter any tax on non-effectively connected income for any part of the year you were a nonresident alien. See the Instructions for Form 1040-NR for more information. Enter interest on tax due on installment income from the sale of certain residential lots and timeshares under section 453(l)(3). See the Form 5405 instructions for details and for exceptions to the repayment rule.
K. Extension of Time To File
If so, and the premiums for the month are not paid by the due date of your return (not including extensions), enter -0- for the month on the appropriate line on Form 8962, column (a). If you did not elect the alternative calculation for year of marriage or you are using filing status married filing separately and Exception 2, earlier, does not apply to you, skip columns (a) through (e), and complete only column (f). If your plan covered benefits that are not essential health benefits, such as adult dental or vision benefits, the amount in this column will be reduced by the premiums for the nonessential benefits. If you are using filing status married filing separately and Exception 2, earlier, does not apply to you, skip columns (a) through (e), and complete only column (f). Don was eligible to enroll in his employer’s coverage for 2024 but instead applied for coverage in a qualified health plan through the Marketplace for coverage in 2024. Don provided accurate information about his employer’s coverage to the Marketplace, and the Marketplace determined that the offer of coverage was not affordable and that Don was eligible for APTC.
If you will be claiming the child as a qualifying child, go to Step 2. Otherwise, stop; you can’t claim any benefits based on this child. A child will be treated as the qualifying child or qualifying relative of the child’s noncustodial parent (defined later) if all of the following conditions apply. If you are preparing a return for someone who died in 2024, see Pub. 501 before completing the standard deduction information.
You can access the tool at IRS.gov/Businesses/Corporations/FATCA-Foreign-Financial-Institution-List-Search-and-Download-Tool. Enter the name of the financial institution in which the account is maintained. Indicate whether any account was opened or closed or any asset was acquired or disposed of during the tax year.
Other Earned Income
Don’t include the following payments on lines 5a and 5b. If you want to claim the child tax credit or the credit for other dependents, you (and your spouse if filing jointly) must have an SSN or ITIN issued on or before the due date of your 2024 return (including extensions). If an ITIN is applied for on or before the due date of a 2024 return (including extensions) and the IRS issues an ITIN as a result of the application, the IRS will consider the ITIN as issued on or before the due date of the return. If you are married and file a joint return, you can be claimed as a dependent on someone else’s return if you file the joint return only to claim a refund of withheld income tax or estimated tax paid. All payers of income, including financial institutions, should be promptly notified of the taxpayer’s death.
The IRS Restructuring and Reform Act of 1998, the Privacy Act of 1974, and the Paperwork Reduction Act of 1980 require that when we ask you for information we must first tell you our legal right to ask for the information, why we are asking for it, and how it will be used. We must also tell you what could happen if we do not receive it and whether your response is voluntary, required to obtain a benefit, or mandatory under the law. Enter the amount from Form 8978, line 14 (relating to partner’s audit liability under section 6226).
I. Accounting Methods
California taxpayers continue to follow the IRC as of the specified date of January 1, 2015, with modifications. For specific adjustments due to the following acts, see the Schedule CA (540) instructions. If the account or asset you reported on line 29 is not stock of a foreign entity or an interest in a foreign entity, complete lines 36a through 36e. If the account or asset you reported on line 29 is stock of a foreign entity or an interest in a foreign entity, complete lines 35a through 35e.