(a) A penalty of fifty dollars ($50) shall be imposed for each failure, unless it is shown that the failure is due to reasonable cause, by any person required to file who fails to file a report at the time and in the manner required by any of the following provisions:

1. (1) Subdivision (c) of Section 17507, relating to individual retirement accounts.
2. (2) Section 220(h) of the Internal Revenue Code, relating to medical savings accounts for taxable years beginning on or after January 1, 1997.
3. (3) Subdivision (b) of Section 17140.3 or subdivision (b) of Section 23711 relating to qualified tuition programs.
4. (4) Subdivision (e) of Section 23712, relating to Coverdell education savings accounts.

(b)

1. (1) Any individual who:

   1. (A) Is required to furnish information under Section 17508 as to the amount designated nondeductible contributions made for any taxable year, and
   2. (B) Overstates the amount of those contributions made for that taxable year, shall pay a penalty of one hundred dollars ($100) for each overstatement unless it is shown that the overstatement is due to reasonable cause.
2. (2) Any individual who fails to file a form required to be filed by the Franchise Tax Board under Section 17508 shall pay a penalty of fifty dollars ($50) for each failure unless it is shown that the failure is due to reasonable cause.