Louisiana Fiduciary Income Tax Return
Extracted from PDF file 2020-louisiana-form-it-541.pdf, last modified October 2014
Fiduciary Income Tax ReturnIT-541 (1/21) Page 1 of 3 Mark all Applicable Boxes: LDR Account Number: Initial Return Fiduciary Income Tax Return Mail to: Louisiana Department of Revenue P. O. Box 3440 Baton Rouge, LA 70821-3440 For calendar year 2020 Federal Identification Number: Amended Return Name of Estate or Trust Final Return Name of Estate or Trust continued Short Period Return Address Unit Type Unit Number Resident Trust City or other taxable year State ZIP Nonresident Trust 2 0 2 0 begun Foreign Nation, if not United States (do not abbreviate) (mmddyyyy) ended Date entity was created: (mmddyyyy) (mmddyyyy) NAICS code Number of Schedules K-1 attached: Type of entity code(s) Computation of Income 1 Federal taxable income before modifications. See Instructions. When using Louisiana Schedule A, (Computation of Louisiana taxable income before income distribution deduction), leave Lines 1, 2, and 3 blank and begin with Line 4. 1 Additions 2A Net income tax paid to any state or political or municipal subdivision 2A 2B Interest income from other states and their political or municipal subdivisions 2B 2C Donation to School Tuition Organization Credit 2C 2D Federal Exemption 2D 2E Federal Income Distribution Deduction 2E 2F Total – Add Lines 2A through 2E. 2F Subtractions 3A Interest and dividends on U.S. government obligations 3A 3B Depletion in excess of federal depletion 3B 3C S Bank Exclusion – See the instructions. 3C 3D Exemption 3D 3E Other 3E 3F Total – Add Lines 3A through 3E. 3F FOR OFFICE USE ONLY Field Flag 1871 IT-541 (1/21) Page 2 of 3 LDR Account Number: 4 Louisiana taxable income before income distribution deduction – Enter either the amount of Line 1 plus Line 2F, less Line 3F, OR enter the amount from Form IT-541, Schedule A, Line 13. If using the amount from Form IT-541, Schedule A, please check box. 4 5 Less Louisiana income distribution deduction from Schedule C, Line g. 5 6 Louisiana taxable income before federal income tax deduction – Subtract Line 5 from Line 4. 6 7A Federal Income Tax Deduction – Enter the amount from Schedule D, Line 20. 7A 7B Federal Disaster Relief Credits – See the instructions. 7B 8 Louisiana taxable income – Subtract Line 7A from Line 6. 8 9 Total tax – See Worksheet 1, Calculation of Income Tax. 9 10 Resident only: Credit for net income taxes paid to other states by resident estates and trusts – Completed Form R-10606 and a copy of the other state’s return must be submitted. 10 11 Other nonrefundable priority 1 income tax credits – From Schedule NRC-P1, Line 7. 11 12 Total income tax after priority 1 credits – Subtract Lines 10 and 11 from Line 9. 12 13 Refundable priority 2 credits – From Schedule RC-P2, Line 9. 13 14 Tax liability after priority 2 credits – See the instructions. 14 15 Overpayment after priority 2 credits – See the instructions. 15 16 Nonrefundable priority 3 credits – From Schedule NRC-P3, Line 10. 16 17 Tax after priority 3 credits – See the instructions. 17 18 Overpayment after priority 2 credits – Enter the amount from Line 15. 18 19 Refundable priority 4 credits – From Schedule RC-P4, Line 6. 19 20 Amount of credit carried forward from 2019 20 21 Nonresident only: Amount paid on your behalf by a Composite Partnership Filing Enter name of partnership ____________________________________________________ 22 Amount of Louisiana Tax Withheld For 2020 – Attach Forms W-2 and 1099. 23 Amount of Estimated Payments for 2020 and Amount Paid with Extension Request – From Schedule E, Line 6. 24 Total Refundable Tax Credits and Payments – Add Lines 18 through 23. 21 22 23 24 1872 IT-541 (1/21) Page 3 of 3 LDR Account Number: 25 Overpayment – If Line 24 is greater than Line 17, subtract Line 17 from Line 24. Otherwise, go to Line 28. 25 26 Amount of Line 25 to be credited to 2021 Income tax 26 27 Amount to be refunded – Subtract Line 26 from Line 25. 27 28 Amount owed – If Line 17 is greater than Line 24, subtract Line 24 from Line 17. 28 29 Interest – From the Interest Calculation Worksheet Line 5. 29 30 Delinquent filing penalty – From the Delinquent Filing Penalty Calculation Worksheet Line 7. 30 Delinquent payment penalty – From the Delinquent Payment Penalty Calculation Worksheet Line 7. 31 31 PAY THIS AMOUNT. 32 Total amount due – Add Lines 28 through 31. 32 Under the penalties of perjury, I declare that I have examined this return, including all accompanying documents, and to the best of my knowledge and belief, it is true, correct, and complete. If prepared by a person other than taxpayer, his declaration is based on all information of which he has any knowledge. Print Name of Fiduciary Title of Fiduciary Signature of Fiduciary or officer representing Fiduciary Telephone Address City Print Preparer’s Name Preparer’s Signature Date (mm/dd/yyyy) State ZIP Date (mm/dd/yyyy) Check PAID PREPARER USE ONLY Firm’s Name ➤ Firm’s FEIN ➤ Firm’s Address ➤ Telephone ➤ PTIN, FEIN, or LDR Account Number of Paid Preparer For Office Use Only. ■ if Self-employed 1873 IT-541 (1/21) Schedules NRC-P1 and RC-P4 LDR Account Number: Schedule NRC-P1 – Nonrefundable Priority 1 Credits Description Code Credit Amount 1. 2. 3. 4. 5. 6. 7. Other Nonrefundable Priority 1 Credits: Add credit amounts in Lines 1 through 6. Enter here and on IT-541, Line 11. Description Premium Tax Bone Marrow Qualified Playgrounds Code 100 120 150 Description Code Debt Issuance 155 Donations to Public Schools 170 Description Code Conversion of Vehicle to Alternative Fuel 185 Other 199 Schedule RC-P4 – Refundable Priority 4 Credits Description Code Credit Amount 1. F 2. F 3. F 4. F 5. F 6. Refundable Priority 4 Credits: Add credit amounts in Lines 1 through 5. Enter the result here and on IT-541, Line 19. Description Code Inventory Tax 50F Ad Valorem Natural Gas 51F 1874 IT-541 (1/21) Schedule NRC-P3 LDR Account Number: Schedule NRC-P3 – Part I – Nonrefundable Priority 3 Credits Description Code Credit Amount 1. 2. 3. 4. 5. 6. Description Atchafalaya Trace Previously Unemployed Recycling Credit Basic Skills Training Donation to School Tuition Organization Inventory Tax Credit Carried Forward & ITEP Code 200 208 210 212 213 218 Description Code Ad Valorem Natural Gas 219 Credit Carried Forward QMC Music Job Creation 223 Credit New Jobs Credit 224 Refunds by Utilities 226 Eligible Re-entrants 228 Neighborhood Assistance 230 Description Research and Development Cane River Heritage Area Apprenticeship Ports of Louisiana Investor Ports of Louisiana Import Export Cargo Code 231 232 236 238 240 Description Other Biomed/University Research Tax Equalization Manufacturing Establishments Enterprise Zone Other Code 299 300 305 310 315 399 Schedule NRC-P3 – Part II – Transferable, Nonrefundable Priority 3 Credits Description Code Credit Amount 7. 7A. 8. 8A. 9. 9A. 10. Nonrefundable Priority 3 Credits: Add credit amounts in Lines 1 through 9. Enter here and on IT-541, Line 16. IMPORTANT! These codes must be claimed on Lines 7 through 9. Description Code Motion Picture Investment 251 Research and Development 252 Historic Structures 253 Description Digital Interactive Media Capital Company LCDFI Credit Code 254 257 258 Description New Markets Brownfields Investor Code 259 260 Description Code Motion Picture Infrastructure 261 Angel Investor 262 1875 IT-541 (1/21) Schedule RC-P2 LDR Account Number: Schedule RC-P2 – Part I – Refundable Priority 2 Credits Description Code Credit Amount 1. F 2. F 3. F 4. F 5. F Schedule RC-P2 – Part II – Transferable, Refundable Priority 2 Credits Description Code Credit Amount 6 2 F Musical and Theatrical Production 6 2 F Musical and Theatrical Production 6 2 F 6. Musical and Theatrical Production 6A. 7. 7A. 8. 8A. 9. Refundable Priority 2 Credits: Add credit amounts in Lines 1 through 8. Enter the result here and on IT-541, Line 13. Description Ad Valorem Offshore Vessels Telephone Company Property Prison Industry Enhancement Mentor-Protégé Code 52F 54F 55F 57F Description Milk Producers Technology Commercialization Retention and Modernization Code 58F 59F 70F Description Code Digital Interactive Media and 73F Software COVID-19 Pandemic ATC License 75F Other Refundable 80F 1876 IT-541 (1/21) Schedule A LDR Account Number u _____________________________ Schedule A – Computation of Louisiana Taxable Income before Income Distribution Deduction 1 Federal taxable income before the exemption and income distribution deduction 1 2 Net income taxes paid to any state or political or municipal subdivision 2 3 Donation to School Tuition Organization Credit 3 Subtractions 4A Any income that is exempt from taxation under the laws of Louisiana or that Louisiana is prohibited from taxing by the Constitution or laws of the United States 4A 4B Depletion allowed under Louisiana law in excess of federal depletion 4B 4C S-Bank exclusion 4C 4D Other 4D 5 Total subtractions – Add Lines 4A through 4D. 5 6 Modified federal taxable income – Add Lines 1, 2 & 3, subtract Line 5, and enter the result. 6 7 Modified Federal Taxable Income Allocated or Apportioned to Louisiana Allocable income from all sources – See instructions. Attach schedule supporting each amount. 7 7A Net rents and royalties from immovable or corporeal movable property 7A 7B Royalties from the use of patents, trademarks, etc. 7B 7C Income from estates, trusts, and partnerships 7C 7D Income from construction, repair, etc. 7D 7E Other allocable income – See instructions. 7E 7F Total allocable income from all sources – Add Lines 7A through 7E. 7F 8 9 10 Net income subject to apportionment – Subtract Line 7F from Line 6. Net income apportioned to Louisiana – Multiply Line 8 by the percentage from Schedule B, Line 7. See the instructions. Allocable income from Louisiana sources – See the instructions. Attach schedule supporting each amount. 8 9 10 10A Net rents and royalties from immovable or corporeal movable property 10A 10B Royalties from the use of patents, trademarks, etc. 10B 10C Income from estates, trusts, and partnerships 10C 10D Income from construction, repair, etc. 10D 10E Other allocable income – See the instructions. 10E 10F 10F Total allocable income from Louisiana sources – Add Lines 10A through 10E. 11 Modified federal taxable income allocated and apportioned to Louisiana – Add Lines 9 and 10F and enter the result. 11 12 Less federal itemized deductions attributable to Louisiana – See the instructions. 12 13 Louisiana taxable income before income distribution deduction – Subtract Line 12 from Line 11. Enter the result here and on Form IT-541, Line 4. 13 1877 IT-541 (1/21) Schedules B and C LDR Account Number u _____________________________ Schedule B – Computation of Apportionment Percent Description of items used as factors 1. Total amount per Federal Return 2. Total Louisiana Amount 3. Factor ratios (%) 1. Net sales of merchandise and/or charges for services A. Sales where goods, merchandise, or property is received in Louisiana by the purchaser B. Charges for services performed in Louisiana C. Other gross apportionable income attributable to Louisiana D. Total – In Column 1, enter total net sales and charges for services. In Column 2, add Lines 1A, 1B, and 1C and enter the result on Line 1D. Divide Column 2 by Column 1 and enter the ratio in Column 3. % 2. Wages, salaries, and other personal service compensation paid during the year. Enter amounts in Columns 1 and 2. Divide Column 2 by Column 1 and enter the ratio in Column 3. % 3. Income tax property ratio – Enter amounts in Column 1 and 2. Divide Column 2 by Column 1 and enter the ratio in Column 3. 4. Loans made during the year – Enter amounts in Columns 1 and 2. Divide Column 2 by Column 1 and enter the ratio in Column 3. 5. Taxpayers primarily in the business of manufacturing and merchandising enter ratio from Column 3, Line 1D. % % % 6. Add percentages under Column 3, Lines 1D, 2, 3, 4, and 5 and enter result. % 7. Average of percents – Line 6 divided by the number of factors used. % Schedule C – Distributive Shares of Beneficiaries List Social Security Number, Name, and Address of each beneficiary as shown on their individual income tax return Form IT-540 or IT-540B. Social Security Number Name, Address, City, State, ZIP Distributive Share of Louisiana Income to Beneficiary Percentage of Beneficial Interest a. % b. % c. % d. % e. % f. % g. Total Distribution. Enter the Results on IT-541, Line 5. 100% 1878 IT-541 (1/21) Schedules D and E LDR Account Number u _____________________________ Schedule D – Computation of Federal Income Tax Deduction 1 Louisiana income before federal income tax deduction 1 Adjustment to convert Louisiana net income to a federal basis: 2 Net Adjustment 2 3 Louisiana income on a federal basis – Subtract Line 2 from Line 1. 3 4 Less Louisiana income taxed at federal special rates 4 5 Louisiana ordinary income on a federal basis – Subtract Line 4 from Line 3. 5 6 Federal taxable income 6 7 Less federal income taxed at special rates 7 8 Federal net income – Ordinary – Subtract Line 7 from Line 6. 8 9 Ratio–Louisiana Ordinary/Federal Ordinary – Divide Line 5 by Line 8. 9 10 Ratio–Louisiana Special/Federal Special – Divide Line 4 by Line 7. 10 11 Federal income tax liability 11 12 Less federal special rates tax 12 13 Less alternative minimum tax and base erosion minimum tax 13 14 Federal ordinary tax – Subtract Lines 12 and 13 from Line 11. 14 15 Federal income tax attributable to Louisiana ordinary income – Multiply Line 14 by Line 9. 15 16 Federal income tax on Louisiana income taxed at special rates – Multiply Line 12 by Line 10. 16 17 Federal income tax disaster relief credits 17 18 Federal income tax disaster relief credits attributable to Louisiana – Multiply Line 17 by Line 9. Enter the result here and on Form IT-541, Line 7B. 18 19 2020 Net Section 965 tax liability attributable to Louisiana – see instructions. 19 20 Federal income tax deduction – Add Lines 15, 16, 18, and 19. Enter the result here and on Form IT-541, Line 7A. 20 Schedule E – Summary of Estimated Tax Payments Check Number 1 First quarter estimated payment 2 Second quarter estimated payment 3 Third quarter estimated payment 4 Fourth quarter estimated payment 5 Payment made with extension request 6 Total – Add Lines 1 through 5. Date Amount 1879
More about the Louisiana Form IT-541 Corporate Income Tax Tax Return TY 2020
We last updated the Fiduciary Income Tax Return in April 2021, so this is the latest version of Form IT-541, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form IT-541 directly from TaxFormFinder. You can print other Louisiana tax forms here.
Other Louisiana Corporate Income Tax Forms:
|Form Code||Form Name|
|Form CIFT-620||Corporation Income Tax and Franchise Tax Return|
|Form IT-541||Fiduciary Income Tax Return|
|Form IT-565||Partnership Return of Income and Form IT-565B Apportionment|
|R-16019||Application for Louisiana Tax Number (CR-1)|
|Form R-6906A||Corporation Franchise Tax Initial Return (CFT-4)|
Louisiana usually releases forms for the current tax year between January and April. We last updated Louisiana Form IT-541 from the Department of Revenue in April 2021.
Form IT-541 is a Louisiana Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
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 Louisiana Form IT-541
We have a total of nine past-year versions of Form IT-541 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of Louisiana Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.