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Your payer must take 7% from your California income. Backup withholding: Replaces all other types of withholding. Cannot be reduced or waived.
Form 590 is certified (completed and signed) by the payee. California residents or entities exempt from the withholding requirement should complete Form 590 and submit it to the withholding agent before payment is made.
Any remitter (individual, business entity, trust, estate, or REEP) who withheld on the sale/transfer of California real property must file Form 593 to report the amount withheld. If this is an installment sale payment after escrow closed, the buyer/transferee is the responsible person.
Send Form 592-V with a check or money order when you submit the nonresident or backup withholding amount on California source payments to us....Send us a timely Form 592-F, either electronically or by mail.List all payees withheld upon during the filing period.FTB credits the withholding to the payees' accounts.
All remitters are required to complete the applicable part(s) of Form 593 and submit Sides 1-3 to the Franchise Tax Board (FTB) regardless of the real estate transaction. Real Estate Withholding Requirement -Withholding is required when California real estate is sold or transferred.