Form 541 Trust Return

[bchansen]

I have Trust based in California; however, the trustee and beneficiary are one in the same but reside in a different state.  How can the ProSeries program populate a form 541?

[Just-Lisa-Now-]

Same as it would if they were a resident of CA, but the 541 isnt available until mid January, is this a 2024 return? 

Make sure youve got the CA 1041 module set for install in  UPDATE > Select and Download New Products so it will install once its ready.

[Taxes-by-Rocky]

Inside the CA 541 there is (will be) a grid for sourcing the CA source income (and the residency of fiduciaries and beneficiaries).  I'm assuming you're filing in CA because the trust has CA source income (e.g., owns rental properties)?

And if not already, be aware of the accumulation distribution rules in CA together with 'CA expat' rules.  There are also recent cases regarding residency of (contingent) beneficiaries, etc.  Link below is old and should be updated but it might give you some background info that might be helpful.

A shakeup in trust taxation: Kaestner and Paula Trust