568: Limited Liability Company Return of Income (2024)
California · FTB · Used for tax years 2024
California Form 568 is the 2024 Limited Liability Company Return of Income. It reports an LLC’s income, taxes, fees, payments, and any amount due or refund, along with information about its business and members.
What you'll need
Have the information and supporting forms needed for the parts of Form 568 that apply to your LLC:
- LLC identification: Name, address, California Secretary of State file number, FEIN, accounting method, date business started in California, and year-end total assets.
- Income and financial information: California income amounts for Schedule IW, plus income, expenses, inventory, assets, liabilities, and members’ capital information for the applicable schedules.
- Payments and withholding: Amounts paid with Forms FTB 3537, FTB 3522, and FTB 3536; pass-through entity elective tax payments; prior-year overpayment credits; and withholding shown on Forms 592-B or 593.
- Member schedules: Multiple-member LLCs must attach a California Schedule K-1 (568) for each member covered by Question K.
- Activity-specific attachments: These include federal Schedule F for farm profit or loss, federal Form 8825 for rental real estate income or loss, Form FTB 3885L for depreciation and amortization, and Schedule D (568) for capital gains or losses, as applicable.
- Other required attachments: If applicable, attach federal Form 8886 for each reportable or listed transaction, and a schedule of trusts and their federal identification numbers if the LLC has a beneficial interest in a trust or is a grantor of a trust.
Common mistakes
- Skipping Schedule IW: Complete it first to determine Side 1, line 1.
- Using the wrong income amounts on Schedule IW: Use only income derived from or attributable to California. Do not include amounts another LLC has already reported to determine its fee.
- Entering a negative Schedule IW total: Line 17 cannot be negative. Enter zero if the result is less than zero.
- Leaving the business activity code blank: Question J specifically says not to leave it blank.
- Including nonbusiness items in Schedule B: Lines 1a through 22 are only for trade or business income and expenses.
- Treating use tax as a total: Side 1, line 13 is not a total line.
- Stapling a payment to the return: Enclose any payment, but do not staple it.
- Overlooking the real-property reporting warning: A “Yes” answer to Question I requires a BOE-100-B statement, and penalties may apply.
Questions people ask
Does a single-member LLC still need Schedule IW if it does not have to complete Schedule B or Schedule K?
Yes. The form says a single-member LLC that does not meet the criteria for filing Schedules B and K must still complete Schedule IW.
Who signs Form 568?
The return has a signature line for an authorized member or manager.
Can a 2024 overpayment be applied to the next year?
Yes. Side 2, line 18 lets you designate an amount from line 17 to be credited to your 2025 tax or fee. Line 19 calculates the remaining refund.
When do I complete the Single Member LLC Information and Consent section?
Complete this section only if the LLC is disregarded for tax purposes. It asks for the sole owner’s information and includes a member’s consent statement.