California Beneficiary's Share of Income, Deductions, Credits, etc.

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Beneficiary's Share of Income, Deductions, Credits, etc.
2023 California Schedule K-1 541 Beneficiary’s Share of Income, Deductions, Credits, etc.TAXABLE YEAR

2023

Beneficiary’s Share of Income,
Deductions, Credits, etc.

For calendar year 2023 or fiscal year beginning (mm/dd/yyyy)
Fiduciaries: Complete a separate Schedule K-1 (541) for each beneficiary.
Beneficiaries: Refer to the instructions for Schedule K-1 (541).
Name of estate or trust

CALIFORNIA SCHEDULE

K-1 (541)
, and ending (mm/dd/yyyy)

.

Beneficiary’s SSN/ITIN, California corporation no., California SOS file no., or FEIN

Estate's or trust's FEIN

Beneficiary’s name, address (number and street, suite, Apt., PO box, or PMB no.),
City, State, and ZIP code

Fiduciary’s name, address (number and street, suite, Apt., PO box, or PMB no.),
City, State, and ZIP code. If there is more than one fiduciary or trustee, list all of the
fiduciaries or trustees’ names, addresses, and indicate if fiduciary is a nonresident. If
more space is needed, add an attachment. Include the estate’s or trust’s FEIN at the
top of each separate attachment.

•

Beneficiary’s percentage of distribution at year end  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
 .
%
Check here if this is: .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . (1) ◻ A final Schedule K-1 (541)
(2) ◻ An amended Schedule K-1 (541)
What type of entity is this beneficiary?  .  .  .  . (1) ◻ Individual (2) ◻ Estate/Trust (3) ◻ Qualified Exempt Organization (4) ◻ Other
Is this beneficiary a resident of California?  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . ◻ Yes ▶ ◻ No
Is the fiduciary a resident of California? .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  . ◻ Yes ▶ ◻ No

•

(a)
Allocable share item

Other
Information

Credits

Alternative minimum
tax adjustment

Final year deduction

Directly
apportioned
deduction

Income (Loss)

A
B
C
D
E

•

(b)
Amount from
federal Schedule
K-1 (Form 1041)

1 Interest  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
2 Dividends  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
3 Net capital gain or (loss)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
5 Other portfolio and nonbusiness income  .  .  .  .  .  .  .  .  .  .  .  .
6 Ordinary business income  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
7 Net rental real estate income  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
8 Other rental income  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
9 a Depreciation  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
b Depletion .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
c Amortization  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .

(c)
California
adjustments

(d)
Total amounts using
California law
Combine col . (b) and col . (c)

•
•
•
•
•

•
•

•
•
•
•
•

(e)
California
source amounts
and credits

11 a Excess deduction on termination
(Attach computation)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
b Capital loss carryover  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
c Net operating loss (NOL) carryover for regular
tax purposes  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
d NOL carryover for alternative minimum
tax purposes  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
12 a Adjustment for alternative minimum tax purposes  .  .  .
b Accelerated depreciation .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
c Depletion  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
d Amortization  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
e Exclusion items .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
13 a Trust payments of estimated tax credited
to beneficiary  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
b Total withholding (equals amount on Form 592-B,
if calendar year)  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
c Taxes paid to other states . Attach Schedule S .  .  .  .  .  .  .
d Other credits . Attach schedule  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
14 a
b
c
d

Tax-exempt interest  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Net investment income  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Gross farm and fishing income .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .
Other information ___________________________

For Privacy Notice, get FTB 1131 EN-SP.

7881233

Schedule K-1 (541) 2023

Extracted from PDF file 2023-california-form-541-schedule-k-1.pdf, last modified October 2023

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More about the California Form 541 Schedule K-1 Corporate Income Tax TY 2023

This form requires that you fill out a separate form if you have multiple fiduciaries. If you have multiple beneficiaries, you should refer to the instructions for Schedule K-1 before filling out the required information.

We last updated the Beneficiary's Share of Income, Deductions, Credits, etc. in January 2024, so this is the latest version of Form 541 Schedule K-1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 541 Schedule K-1 directly from TaxFormFinder. You can print other California tax forms here.

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Related California Corporate Income Tax Forms:

TaxFormFinder has an additional 174 California income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the California Form 541 Schedule K-1.

Form Code	Form Name
Form 541 Schedule P	Alternative Minimum Tax and Credit Limitations - Fiduciaries Tax Credit
Form 541 Schedule D	Capital Gain or Loss
Form 541 Schedule J	Trust Allocation of an Accumulation Distribution

Download all CA tax forms View all 175 California Income Tax Forms

Form Sources:

California usually releases forms for the current tax year between January and April. We last updated California Form 541 Schedule K-1 from the Franchise Tax Board in January 2024.

Show Sources >

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of California Form 541 Schedule K-1

We have a total of thirteen past-year versions of Form 541 Schedule K-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2023 Form 541 Schedule K-1

2023 California Schedule K-1 541 Beneficiary’s Share of Income, Deductions, Credits, etc.

2022 Form 541 Schedule K-1

2022 California Schedule K-1 541 Beneficiary’s Share of Income, Deductions, Credits, etc.

2021 Form 541 Schedule K-1

2021 California Schedule K-1 541 Beneficiary’s Share of Income, Deductions, Credits, etc.

2020 Form 541 Schedule K-1

2020 California Schedule K-1 541 Beneficiary’s Share of Income, Deductions, Credits, etc.

2019 Form 541 Schedule K-1

2019 California Schedule K-1 541 Beneficiary’s Share of Income, Deductions, Credits, etc.

2018 Form 541 Schedule K-1

2018 Schedule K-1 (541) - Beneficiary’s Share of Income, Deductions, Credits, etc.

2017 Form 541 Schedule K-1

2017 California Schedule K-1 (541) - Beneficiary’s Share of Income, Deductions, Credits, etc.

2016 Form 541 Schedule K-1

2016 California Schedule K-1 541 Beneficiary’s Share of Income; Deductions, Crecdits, etc

2015 Form 541 Schedule K-1

2015 Schedule K-1 (541) -- Beneficiary's Share of Income, Deductions, Credits, etc.

2014 Form 541 Schedule K-1

2014 Schedule K-1 (541) -- Beneficiary's Share of Income, Deductions, Credits, etc.

2013 Form 541 Schedule K-1

2013 Schedule K-1 (541) -- Beneficiary's Share of Income, Deductions, Credits, etc.

2012 Form 541 Schedule K-1

2012 Schedule K-1 (541) -- Beneficiary's Share of Income, Deductions, Credits, etc.

2011 Form 541 Schedule K-1

2011 Schedule K-1 (541) -- Beneficiary's Share of Income, Deductions, Credits, etc.

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