541 Schedule K-1: Beneficiary's Share of Income, Deductions, Credits, etc. (2025)
California · FTB · Used for tax years 2025
California Schedule K-1 (541) reports a beneficiary’s share of an estate’s or trust’s income, deductions, credits, and other tax items for 2025. It includes federal amounts, California adjustments, and California-source amounts and credits.
Who files this form
Fiduciaries must complete a separate 2025 Schedule K-1 (541) for each beneficiary of the estate or trust. The schedule reports the beneficiary’s share of income, deductions, credits, and other items.
Beneficiaries are directed to refer to the instructions for Schedule K-1 (541).
What you'll need
Have the following information available to complete the schedule:
- 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, plus fiduciary residency information.
- Federal Schedule K-1 (Form 1041) amounts for column (b), California adjustments for column (c), and California-source amounts and credits for column (e).
The form also calls for these documents when applicable:
- A computation for the excess deduction on termination, line 11a.
- Form 592-B withholding amounts for line 13b if reporting on a calendar-year basis.
- Schedule S for taxes paid to other states, line 13c.
- A schedule for other credits, line 13d.
- An attachment if more space is needed to list fiduciaries or trustees.
Common mistakes
- Do not combine beneficiaries on one schedule. Complete a separate Schedule K-1 (541) for each beneficiary.
- If there is more than one fiduciary or trustee, list all names and addresses and indicate if a fiduciary is a nonresident. Add an attachment if needed, with the estate’s or trust’s FEIN at the top of each separate attachment.
- Combine columns (b) and (c) to calculate the California-law total in column (d).
- 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 schedule, make sure total withholding on line 13b equals the amount on Form 592-B.
Questions people ask
What reporting period does the 2025 schedule cover?
It is for calendar year 2025 or a fiscal year whose beginning and ending dates are entered on the form.
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).
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.
Where do federal amounts and California adjustments go?
Enter federal Schedule K-1 (Form 1041) amounts in column (b) and California adjustments in column (c). Combine them in column (d) for total amounts using California law. Column (e) is for California-source amounts and credits.