California FTB Issues Income Tax 2022 Instructions for Form 588, Nonresident Withholding Waiver Request

The California Franchise Tax Board (FTB) Dec. 1 issued 2022 instructions for Form 588, Nonresident Withholding Waiver Request, for individual income, corporate income, and trust income tax purposes. Taxpayers can use the form to request a waiver from withholding on payments of California source income to nonresident payees. The state law requires withholding 7 percent of income or franchise tax on certain payments made to non-residents for income received from California sources unless an approved waiver or reduction is granted by the FTB. The instructions include: 1) income subject to withholding; 2) exceptions to withholding; 3) when and where to ...