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

[bchansen]

Thanks for the information.  However, are you sure that ProSeries is going to provide a 541 by mid-January, or at all?  I don't see it in the list of available states' 541 returns.  All I see is form 1041 but nothing for California 541.

[Just-Lisa-Now-]

It says it should be ready by 1/23  Be sure youve got CA checked under the 1041 in the Download and Select New Products window under Update on the top menu bar

Release Dates

[bchansen]

OK.  Thank you for the prompt reply.  I will watch for the 541 to become available.

[TaxGal94]

Now it is almost mid-February.  Where are the Form 541 and Sch K-1 still on in "e-file only" status?  These delays are just...

[Just-Lisa-Now-]

Looks like 2/13 is when the CA K-1s will be final

You can keep track here

Supported Tax Forms for Lacerte, ProConnect, and ProSeries | Intuit Accountants

[WAZ]

Not yet! 😫

[Just-Lisa-Now-]

Mine printed clean yesterday.

You may need to run REFRESH UPDATES

[WAZ]

Thanks.  I see you use ProSeries.  I use Lacerte and don't have that drop-down menu item.  And online for Lacerte it confirms the form is final, but still watermarked.  Weird!

[Just-Lisa-Now-]

Ahhh, yes, Im a PS user, sorry!  I dont know much about Lacerte, but youre in the PS community right now, you may want to pop over to Lacerte and ask

https://accountants.intuit.com/community/lacerte-tax/discussion/03/302

[WAZ]

Thanks! 😊