568 Schedule K-1: Member's Share of Income, Deductions, Credits, etc. (2024)
California · FTB · Used for tax years 2024
California Schedule K-1 (568) reports an LLC member’s share of income, losses, deductions, credits, and other tax items for 2024. It includes California adjustments, California-source amounts, and information about the member’s liabilities, capital account, and distributions.
What you'll need
The form calls for these records and details:
- The member’s name, address, identifying number, entity type, and California residency status.
- The LLC’s name, address, federal employer identification number (FEIN), and California Secretary of State file number.
- Beginning and ending ownership percentages, the member’s share of liabilities, and tax basis capital account information.
- Amounts from federal Schedule K-1 (Form 1065), California adjustments, and California-source amounts and credits.
Attach statements or schedules where requested. These include a statement if the member contributed property with a built-in gain or loss, an explanation for other capital account increases or decreases, and schedules for specified income, deductions, credits, and alternative minimum tax items.
Common mistakes
- Do not transfer information from this schedule to your California return without first reviewing the Member’s Instructions for Schedule K-1 (568). The form specifically cautions members to consult those instructions.
Questions people ask
What does Schedule K-1 (568) report?
It reports a member’s share of income, deductions, credits, and other items. It also includes ownership percentages, liabilities, and tax basis capital account information.
How are federal amounts and California amounts shown?
Column (b) shows amounts from federal Schedule K-1 (Form 1065). Column (c) shows California adjustments. Column (d) combines those columns to show totals using California law. Column (e) shows California-source amounts and credits.
Can the schedule be marked as final or amended?
Yes. Item G has separate boxes for a final Schedule K-1 (568) and an amended Schedule K-1 (568).
What if the member contributed property with a built-in gain or loss?
Check “Yes” in Item I and attach a statement. The form also directs you to see the instructions.
How is total withholding reported for a calendar-year LLC?
Line 15a states that total withholding equals the amount on Form 592-B if the LLC uses a calendar year.