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Changes to 2012 Forms

Updates to the Form 5805 on 03/26/2013 –– Underpayment of Estimated Tax by Individuals and Fiduciaries

We replaced text on Side 1, Important, Bullet 3.

Previous Version

The amount of your withholding plus your estimated tax payments, if paid in the required installments, is at least 90% of the tax shown on your 2012 return or 100% of the tax shown on your 2011 return (110% if California adjusted gross income (AGI) was more than $150,000 or $75,000 if married/RDP filing a separate return) and you are not using the annualized income installment method. Taxpayers with California AGI equal to or greater than $1,000,000 (or $500,000 if married/RDP filing a separate return), must use the tax shown on their 2011 tax return if they do not meet one of the two conditions above.

Revised Version

The amount of your withholding plus your estimated tax payments, if paid in the required installments, is at least 90% of the tax shown on your 2012 return or 100% of the tax shown on your 2011 return (110% if California adjusted gross income (AGI) was more than $150,000 or $75,000 if married/RDP filing a separate return) and you are not using the annualized income installment method. Taxpayers with California AGI equal to or greater than $1,000,000 (or $500,000 if married/RDP filing a separate return), must use the tax shown on their 2012 tax return if they do not meet one of the two conditions above.

Reason for the changes

The incorrect year was stated on the form in the important box area.

Impact

This revision will have either an increase or decrease in tax liability.

Back to Tax Form Changes for 2012