The form 541 is required under the following circumstances in California.
Decedent’s Estate. The fiduciary (or one of the fiduciaries) must file Form 541 for a decedent’s estate if any of the following apply:
- Gross income for the taxable year of more than $10,000 (regardless of the amount of net income)
- Gross income for the taxable year of more than $10,000 (regardless of the amount of net income)
- Net income for the taxable year of more than $1,000
- An alternative minimum tax liability
Trust. The fiduciary (or one of the fiduciaries) must file Form 541 for a trust if any of the following apply:
- Gross income for the taxable year of more than $10,000 (regardless of the amount of net income)
- Net income for the taxable year of more than $100
- An alternative minimum tax liability
Therefore no Form 540 will apply for the individual beneficiaries.
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