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posted Jun 4, 2019 12:47:05 PM

Can I owe additional taxes if I never sent in form 4502 (franchise tax board) ? What does that mean?

I filed taxes in California. It’s my first year doing taxes. What happens if I never sent form 4502 in and what will happen?

0 2 1866
2 Replies
Level 15
Jun 4, 2019 12:47:07 PM

If you do not send the required supporting documentation within 30 days of the notice date, they will deny all or some of your Cal EITC.  This could result in you owing additional taxes.

https://www.ftb.ca.gov/Bills_and_Notices/individuals-common-notices.shtml

The CA EIC requirements are stricter than those of the IRS.

Level 15
Jun 4, 2019 12:47:08 PM

However, if you believe you qualify, send the info in now.
<a rel="nofollow" target="_blank" href="https://www.ftb.ca.gov/individuals/faq/net/900.shtml">https://www.ftb.ca.gov/individuals/faq/net/900.shtml</a>