How do I file CA form 541 on Turbo Tax?

[null191]

I was able to complete the Federal Form 1041, but CA form 541 doesn't come up for completing a K-l beneficiary's share of income.

[MichaelL1]

If you did the 1041 in TurboTax Business you would need to then add a State.

Are you sure you did the 1041?  and not a From 1040?

[null191]

Yes, I did the 1041 and was able to fill it out with no problems.  I expected the 541 to appear, but nothing came up.

[null191]

I was able to add the state for one of the trusts but it only asked for the tax-exempt income, which was zero; nothing else came up.  The other trust didn't ask for the state (CA).  I assumed it would be similar to the Federal 1041.

[MichaelL1]

You have to click on the State tab in the TurboTax business when the 1041 is open and then add a State and TurboTax will ask which state and you will pay extra for the State software of CA to do the CA 540

[null191]

Another clarification; I did it in Turbo Tax Premier and paid to add the state.  I am doing the K-1 as an amendment.

[MichaelL1]

You cannot do a 1041 in Premier.

You can enter the K-1 to the Form 1040.

[Lisa995]

Are you trying to prepare the 1041/541 trust returns or are you trying to enter the K-1 s that were given to you by the trust to include on your personal return?

[null191]

I am trying to enter the K-1's that were given to us by the CPA to include in our personal return.  I was able to enter the l041 but not the 541.

[null191]

Further clarification.  The 1041's and 541's have already been prepared by a CPA for the trust.  I am just trying to enter the K-1's for our share of the trust on our personal return.  

[Lisa995]

The K-1 should automatically transfer/appear in CA once you've entered it in the federal, you'd only need to access it if you needed to make adjustments for it.    Does the 541 show adjustments on it from the federal figures?

[Lisa995]

Im not familiar with the Online version so if there are adjustments that need to be made [mention://77408931 @TurboTaxMichaelL1] will have to direct you how to make that happen in the CA return.

[Merlindon]

I received a schedule K-1 for tax year 2018 in September 2019.  I tried to submit it for this year’s 2019 return but I got stopped (something about 2019 schedules have not been released yet). I then spoke to turbo support and we problem solved that since the form said taxable year being 2018 to go back and addend my 2018 form.  Now I’m having second thoughts.  I would appreciate any advice on this question 

[LindaB1993]

You are correct that the K-1 applies to an amended return for the year 2018.  Please review the K-1 to determine if an amended return is necessary.  

• If there is significant income shown on the Schedule K-1, an amended return is recommended.
• If there are losses on the K-1, an amended return may result in lowering the 2018 tax. (It is not "required" but encouraged for you to receive this benefit.)
• If you elect not to amend, (if there is a significant tax increase), IRS may sent a letter proposing an adjustment.