541 Schedule K-1: Beneficiary's Share of Income, Deductions, Credits, etc. (2024)

Who files this form

Fiduciaries must complete a separate 2024 California Schedule K-1 (541) for each beneficiary of an estate or trust. The schedule reports the beneficiary’s share of income, deductions, credits, and other items.

Beneficiaries are directed to refer to the Schedule K-1 (541) instructions.

What you'll need

The form calls for these details and supporting materials:

• The estate’s or trust’s name and federal employer identification number (FEIN).
• The beneficiary’s name, address, tax identification number, entity type, California residency status, and percentage of distribution at year end.
• Each fiduciary’s or trustee’s name and address, and fiduciary residency information.
• Amounts from federal Schedule K-1 (Form 1041), California adjustments, and California-source amounts and credits.

For applicable entries, the form also calls for:

• A computation attached for an excess deduction on termination.
• Schedule S attached for taxes paid to other states.
• A schedule attached for other credits.
• Form 592-B information for total withholding. For a calendar year, the withholding entry must equal the amount on Form 592-B.

Common mistakes

Follow these reminders printed on the form:

• Complete a separate Schedule K-1 (541) for each beneficiary.
• If there is more than one fiduciary or trustee, list all their names and addresses and indicate if a fiduciary is a nonresident.
• If more space is needed for fiduciary information, add an attachment. Put the estate’s or trust’s FEIN at the top of each separate attachment.
• Attach the computation for an excess deduction on termination, Schedule S for taxes paid to other states, and a schedule for other credits, as applicable.
• For a calendar year, make sure total withholding equals the amount on Form 592-B.

Questions people ask

What period does the 2024 schedule cover?

The form provides for calendar year 2024 or a fiscal year. For a fiscal year, enter the beginning and ending dates in the spaces provided.

How do I mark a final or amended schedule?

Item B has separate checkboxes for a final Schedule K-1 (541) and an amended Schedule K-1 (541).

How are the California amounts shown?

Column (b) shows amounts from federal Schedule K-1 (Form 1041), and column (c) shows California adjustments. Combine columns (b) and (c) in column (d) for total amounts using California law. Column (e) shows California-source amounts and credits.

Does the form ask about California residency?

Yes. Item D asks whether the beneficiary is a California resident. Item E asks whether the fiduciary is a California resident.

Official sources

• https://www.ftb.ca.gov/forms/2024/2024-541-k-1.pdf