HEYSOAPY
Level 2
05-15-2022
07:47 PM
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In Pro Tax Online for a Trust return, CA Form 541, how do I allocate the taxes withheld for Real Estate sale to the beneficiary. since trust had sold final asset and is filing a final Trust return.
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itonewbie
Level 15
05-15-2022
09:17 PM
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Others with more experience in this may chime in. But according to Pub 1016 (https://www.ftb.ca.gov/forms/misc/1016.html#1016-14), the trust should not use the K-1 for the allocation but file F.592 with all the payee details. F.592-B should then be issued to each beneficiary.
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