100W: California Corporation Franchise or Income Tax Return - Water's-Edge Filers (2024)
California · FTB · Used for tax years 2024
Form 100W is California’s 2024 corporation franchise or income tax return for water’s-edge filers. It reports income, California adjustments, deductions, credits, taxes, and payments to calculate a refund or amount due.
Who files this form
Form 100W is California’s corporation franchise or income tax return for water’s-edge filers. Schedule Q asks for the start date of the water’s-edge election under R&TC Section 25113.
The 2024 form covers calendar year 2024 or a fiscal year entered on the return. The supplied form does not give detailed rules for determining which corporations must file.
What you'll need
Have the corporation’s identifying information, income and deduction figures, and payment information available. The form asks for the California corporation number, FEIN, California Secretary of State file number, and business address.
Depending on the entries that apply, the form calls for:
- Payment information: Prior-year overpayment credit, 2024 estimated tax payments, withholding shown on Form 592-B and/or 593, and payments made with an extension.
- Depreciation attachments: Form FTB 3885 for California depreciation adjustments. Schedule F also calls for federal Form 4562 and FTB 3885 for depreciation.
- Dividend attachments: Schedule H (100W) for intercompany dividend elimination, the foreign dividend deduction, and the dividends received deduction.
- Income allocation and tax schedules: Schedule R if apportioning or allocating income, and Schedule P (100W) for alternative minimum tax.
- Supporting schedules: Schedules for other additions, other deductions, and other items marked “Attach schedule” on the form.
- Special statements: A previous-business statement for a first return by a successor business, an ownership statement for a “Yes” answer to Schedule Q, question L1, L2, or L3, and federal Form 8886 for each reportable or listed transaction reported in question M.
Common mistakes
- Leaving the business activity code blank. Schedule Q, question F, specifically says not to leave this field blank.
- Missing the property-ownership reporting warning. A “Yes” answer to Schedule Q, question C1, C2, or C3 requires filing a BOE-100-B statement. The form warns that penalties may apply and refers filers to the instructions.
- Overlooking the minimum franchise tax reminder. Lines 23 and 28 say the amount must be at least the minimum franchise tax, if applicable. The supplied form does not state the minimum amount.
Questions people ask
Can a refund be directly deposited?
Yes. The form provides fields for a routing number, checking or savings account type, and account number. It refers filers to the instructions for direct deposit details.
Must every corporation complete Schedules L, M-1, and M-2?
Not necessarily. The form says a corporation may not be required to complete these schedules and directs filers to the Schedule M-1 instructions for reporting requirements.
Who signs the return?
The form has a signature line for a corporate officer, along with fields for the officer’s title and the date. It also has a separate paid-preparer signature area.
What if the corporation reports a reportable or listed transaction?
Schedule Q, question M, says to complete and attach federal Form 8886 for each transaction when the answer is “Yes.”