California FTB Releases Income Tax Form FTB 3525 With Instructions

The California Franchise Tax Board Dec. 1 released Form 3525, Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., with instructions for individual income and corporate income tax purposes. Taxpayers must use this form as a substitute for federal Forms W-2, W-2c, and 1099-R when their employer or payer doesn’t give or issues an incorrect Form W-2 or Form 1099-R. The instructions include general information on: 1) the purpose of the form; 2) conditions when taxpayers need to amend their tax returns; and 3) potential penalties ...