4905 Form Ftb PDF Details

The 4905 form ftb is an important form to be familiar with if you are a California resident. This form is used to report exempt income and can help you file your taxes correctly. Familiarizing yourself with the 4905 form ftb will help ensure that you file your taxes correctly and receive any applicable exemptions. Remember, it is always best to consult with a tax professional if you have any questions about filing your taxes.

Listed here, you will discover quite a few information regarding 4905 form ftb PDF. You might like to find out its length, the typical time needed to complete the form, the fields you'll need to fill in, and so on.

QuestionAnswer
Form Name4905 Form Ftb
Form Length16 pages
Fillable?No
Fillable fields0
Avg. time to fill out4 min
Other names4905 california form, ftb offer in compromise, ftb form 4905 pit, california form offer

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FTB 4905 PIT BOOKLET

Offer in Compromise

for Individuals

Table of Contents

What You Need to Know Before You Prepare an Offer in Compromise . . . . . . . . . . . . . . . . . . . . . . . . 1 Offer in Compromise Application Form – Checklist of Required Items. . . . . . . . . . . . . . . . . . . . . . . . . 2 Section 1 – Personal Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Section 2 – Employment or Business Income Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 3 – General Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 4 – Asset and Liability Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Section 5 – Monthly Household Income and Expense Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Section 6 – Three Year Income Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Section 7 – Basis for the Offer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Section 8 – Source of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Section 9 – Offer Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Section 10 – Statement of Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Frequently Asked Questions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

An Offer in Compromise (OIC) provides an alternative for individuals who are unable to pay their outstanding California income tax liabilities, and who won’t be able to in the foreseeable future.

What You Need to Know Before Preparing an Offer in Compromise

Eligibility: If you are an individual without the income, assets, or means to pay your tax liability now or in the foreseeable future, you may be eligible for an OIC. The OIC Program allows you to offer a lesser amount for payment of a nondisputed final tax liability.

Generally, we approve an OIC when the amount offered represents the most we can expect to collect within a reasonable period of time.

Although each case is evaluated based on its own unique set of facts and circumstances, we give the following factors strong consideration in the evaluation:

Your ability to pay.

Your equity in assets.

Your present and future income.

Your present and future expenses.

The potential for changed circumstances.

The offer is in the best interest of the state.

Your

We will only process your OIC application once you:

Application:

 

File all required tax returns. If you have no filing requirement, note it on the application.

Fully complete the OIC application and provide all supporting documentation.

You agree with the Franchise Tax Board (FTB) on the amount of tax you owe.

Collateral

Upon approval of your offer, we may require you to enter into a collateral agreement. If you

Agreement:

have a significant potential for increased earnings, we may require that you pay a greater

 

portion or all of your original tax liability if you earn more than anticipated during the five

 

year period following FTB’s approval of your OIC.

Collection

Submitting an offer does not automatically suspend collection activity. If delaying collection

Activity:

activity jeopardizes our ability to collect the tax, we may continue collection efforts. Interest,

 

fees, and penalties continue to accrue as prescribed by law.

When to pay:

Do not submit the offer amount until we request it. When we ask for the funds, submit them

 

by cashier’s check or money order.

FTB 4905 PIT CI (REV 04-2009) PAGE 1

STATE OF CALIFORNIA

OIC GROUP MS A453

FRANCHISE TAX BOARD

PO BOX 2966

RANCHO CORDOVA CA 95741-2966 916.845.4787 (not toll-free) ftb.ca.gov

OFFER IN COMPROMISE APPLICATION FORM

Checklist of Required Items

You must submit the following documentation with your Offer in Compromise Application Form or we will return your application as incomplete. You must include the information for you and your spouse/Registered Domestic Partner (RDP). Please submit copies only. Indicate if any of the items below are not applicable (N/A). We may request additional documentation.

N/A Included

mm Veriication of Income

Complete pay stubs for the past three months, or financial statements for the past two years if self-employed. Include any investment or ownership in any business entity or trust, and income derived from these sources (dividends, K-1 income, distributions, etc.).

mm Veriication of Expenses

Billing statements for the last three months. (Include copies of revolving charge card statements, bills from other creditors, and personal loan statements.)

mm Bank Information

Complete bank statements for savings and checking accounts for the last six months. If self-employed, provide bank statements for the last twelve months. Include accounts that have been closed during that period.

mm Securities

Investment account statements showing the value of stocks, bonds, mutual funds, and/or retirement or profit sharing plans, e.g., IRA, 401(k), Keogh, or Annuity.

mm Current Lease or Rental Agreements

mm Real Property Information

Mortgage statements and escrow statements for property you currently own, sold, or gave away in the last five years.

mm Internal Revenue Service (IRS) Information

IRS OIC application and acceptance letter or other IRS arrangements.

mm Legal Documents

Marital settlement agreements, divorce decrees, marital property settlements, trust documents, and bankruptcy documents.

mm Medical Information

Physician’s letter including diagnosis and prognosis and/or other documents to show any medical condition that should be considered.

mm Power of Attorney

Power of Attorney if a designated representative submits this offer.

Mail your completed and signed application to the address listed above.

If you have any questions, contact the OIC group at 916.845.4787 (not toll-free).

FTB 4905 PIT C1 (REV 04-2009) PAGE 2

Note: Complete all areas that are not shaded. Write “n/a” in those blocks that do not apply. For Privacy Notice information, please read the enclosed FTB 1131. To get additional copies of this notice, call us at 800.338.0505; from outside the United States call 916.845.6600 (not toll-free) or download it at ftb.ca.gov.

Section 1 – Personal Information

First name

MI

Last name

 

 

 

Social security number

Date of birth

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other names and aliases ever used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First name of spouse or Registered Domestic

MI

Last name of spouse or RDP

 

Social security number

Date of birth

Partner (RDP)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other names and aliases ever used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxpayer’s driver’s license number

 

State

Spouse or RDP driver’s license number

 

State

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dependent’s names

 

 

 

Date of birth

Social security number

Relationship

 

 

 

 

 

 

 

 

 

Current mailing address

Phone number

()

Cell phone number

()

Current physical address

Previous address if at current address less than two years

Name and address of your tax representative (attach a Power of Attorney)

Phone number

()

Cell phone number

()

Fax phone number

()

FTB 4905 PIT CI (REV 04-2009) PAGE 3

Section 2 – Employment or Business Income Information

Taxpayer’s employer or business (name and address):

 

 

 

 

 

How long employed: _______ Years

_______ Months

 

 

Occupation: __________________________________

 

 

m Wage earner

m฀Sole proprietor

 

 

m฀Partner

m฀Officer

 

 

 

Paid:

m฀Biweekly

 

 

m Weekly

Business phone number: (

)

m฀Monthly

m฀Semimonthly

 

 

 

 

 

 

 

Spouse’s or RDP’s employer or business (name and address):

 

 

 

 

 

How long employed: _______ Years

_______ Months

 

 

Occupation: __________________________________

 

 

m Wage earner

m฀Sole proprietor

 

 

m฀Partner

m฀Officer

 

 

 

Paid:

m฀Biweekly

 

 

m Weekly

Business phone number: (

)

m฀Monthly

m฀Semimonthly

 

 

 

Section 3 – General Financial Information

Bank accounts: (include IRA and retirement plans, certificates of deposit, etc.). Attach additional pages if needed.

Name of Institution

Address

Type

Date

Opened

Account Number

Balance

Total. Enter this amount on line 2, Section 4 (Asset and Liability Analysis) of this application . . .

Vehicles: Attach additional pages if needed.

Year, Make, Model,

License Number

Lender/Pink Slip

Holder

Current Market

Value

Current Payoff

Available Equity

Total. Enter this amount on line 3, Section 4 (Asset and Liability Analysis) of this application . . .

FTB 4905 PIT C1 (REV 04-2009) PAGE 4

Section 3 – General Financial Information (continued)

Life insurance. Attach additional pages if needed.

Name of Insurance

Agent’s Name

and Phone Number

Policy Number

Type

Face Amount

Loan/Cash

Surrender

Value

Total. Enter this amount on line 4, Section 4 (Asset and Liability Analysis) of this application . . .

Securities. (Stocks, bonds, mutual funds, money market funds, etc.) Attach additional pages if needed.

Type

Where Located

Owner of Record

Quantity or

Denomination

Current Value

Total. Enter this amount on line 5, Section 4 (Asset and Liability Analysis) of this application . .

Safe deposit boxes rented or accessed locations, box numbers, and contents. Attach additional pages if needed.

Name of Institution

Address

Box Identification

Current Value

of Assets

Total. Enter this amount on line 6, Section 4 (Asset and Liability Analysis) of this application . .

Real property. Attach additional pages if needed.

A) Physical address and description: (Single family dwelling, multi-family dwelling, lot, etc.) Mortgage lender’s name and address:

 

How is title held: _________________________________

 

Purchase Price: _______________

Parcel Number:

Purchase Date: _______________

 

 

B) Physical address and description: (Single family dwelling, multi-family dwelling, lot, etc.)

Mortgage lender’s name and address:

 

How is title held: _________________________________

 

Purchase Price: _______________

Parcel Number:

Purchase Date: _______________

FTB 4905 PIT CI (REV 04-2009) PAGE 5

Who Took Possession

Section 3 – General Financial Information (continued)

C) Physical address and description: (Single family dwelling, multi-family dwelling, lot, etc.)

Parcel Number:

Mortgage lender’s name and address:

How is title held: ____________________________

Purchase Price: _______________

Purchase Date: _______________

Charge cards and lines of credit. Attach additional pages if needed.

Type of

Name and Address of

Minimum Monthly

Credit Limit

Credit

Amount Owed

Account

Creditor Grantor

Payment

Availability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Payments.

Enter total of payments on line 61,

Section 5 of this application. . . . . . . . . . . . . . . . . .

Total Owed.

Enter total owed on line 22, Section 4 of this application. . .

Provide the following information relating to you and your spouse/RDP’s financial condition. If you check “Yes”, provide dates, explanation, and documentation.

Court proceedings

m฀No m฀Yes

Repossessions

m฀No m฀Yes

Anticipated increase in income

m฀No m฀Yes

Bankruptcies/receiverships

m฀No m฀Yes

Recent transfer of assets

m฀No m฀Yes

Beneficiary to trust, estate, profit sharing, etc. .

m฀No

m฀Yes

Last California income tax return filed

Year

_____

Total exemptions you claim from return:

___________

Adjusted gross income from return:

___________

List any vehicles, equipment, or property sold, given away, or repossessed during the past five years.

DescriptionValue (Year, make, model of vehicle, or property address)

FTB 4905 PIT C1 (REV 04-2009) PAGE 6

Section 4 – Asset and Liability Analysis

Immediate assets

1. Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. Bank accounts/balance (from Section 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Vehicles/available equity (from Section 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Loan/cash surrender value of life insurance (from Section 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5. Securities (from Section 3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6. Safe deposit box value of contents (from Section 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Immediate Assets . . . . . . . . . . . .

Real property (from Section 3)

 

Address or Location

Current Market

Mortgage

Equity

 

Value

Payoff Amount

 

 

 

7.

A)

 

 

 

8.

B)

 

 

 

9.

C)

 

 

 

Total Equity . . . . . . . . . . . . . . . . . . . . . .

Other assets

10. Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11. Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12. Judgements/settlements receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13. Aircraft, watercraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14. Interest in trusts, e.g., trustee, trustor, beneficiary, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15. Interest in estates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16. Interest in business entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17. Other assets ______________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18. Other assets ______________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19. Other assets ______________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20. Other assets ______________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Other Assets. . . . . . . . . . . . . . . . .

21. Sum Total of Assets (Immediate, Equity, and Other). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Current liabilities including judgements, notes and other charge accounts. Do not include vehicle or home loans.

22. Total owed for lines of credit (from Section 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23. Taxes owed to IRS (provide a copy of recent notices) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24. Other liabilities _____________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

25. Other liabilities _____________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26. Other liabilities _____________________________________. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27. Other liabilities _____________________________________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Liabilities . . . . . . . . . . . . . . . . . .

FTB 4905 PIT CI (REV 04-2009) PAGE 7

How to Edit 4905 Form Ftb Online for Free

It really is super easy to fill out the ftb offer in compromise. Our PDF editor was designed to be assist you to fill out any PDF easily. These are the basic steps to go through:

Step 1: Select the button "Get Form Here".

Step 2: Now you will be on your form edit page. You can include, update, highlight, check, cross, insert or delete fields or phrases.

To fill out the ftb offer in compromise PDF, provide the information for all of the parts:

example of empty fields in forms

Provide the required details in the Internal Revenue Service IRS, Legal Documents Marital settlement, Medical Information Physicians, Power of Attorney Power of, Mail your completed and signed, If you have any questions contact, and FTB PIT C REV PAGE box.

part 2 to filling out forms

You may be requested for particular significant data if you want to prepare the Note Complete all areas that are, Section Personal Information, First name, Last name, Social security number, Date of birth, Other names and aliases ever used, First name of spouse or Registered, Other names and aliases ever used, Last name of spouse or RDP, Social security number, Date of birth, Taxpayers drivers license number, State, and Spouse or RDP drivers license section.

part 3 to completing forms

The Current mailing address, Phone number, Cell phone number, Current physical address, Previous address if at current, Name and address of your tax, Phone number, and Cell phone number field should be applied to provide the rights or responsibilities of both parties.

forms Current mailing address, Phone number, Cell phone number, Current physical address, Previous address if at current, Name and address of your tax, Phone number, and Cell phone number blanks to fill

End by reading these sections and filling in the required particulars: Fax phone number, and FTB PIT CI REV PAGE.

Filling in forms step 5

Step 3: As soon as you hit the Done button, the finalized document is simply exportable to any kind of of your devices. Or alternatively, it is possible to send it by using mail.

Step 4: Make sure you prevent forthcoming misunderstandings by creating as much as two copies of the document.

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