California 541-K1

Forum|Forum|2 years ago
January 14, 2024
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I am in the process of settling my late husband’s estate. It is a North Carolina estate with California beneficiaries. I am using Turbo tax business program with the California fiduciary extension. I have entered all the data in the 1041. When I look at the California 541-K1, Line 2, column B (income- dividends) shows the correct amount as reported on the 1041 form. Column C (California adjustment) totally subtracts out the amount in Column B. I have read both the instructions for 541-K1 and the FTB 1001 (supplement to California adjustments) and can not find anything indicating that all dividends should be adjusted out. This 541-K1 is for a California beneficiary. As a test, I tried adjusting the qualified dividends and that did not make any difference. All dividends are adjusted out. What am I missing?

Thanks

TurboTax Business Windows

Best answer by LindaBelmont

Issue resolved.

Apparently I had to flip to forms mode and include capital gains on the 541distribution form. The 1041 K1 and the California 541 K1 now have the same amounts of reportable income.

LindaBelmontAuthorAnswer

Employee

Issue resolved.

Apparently I had to flip to forms mode and include capital gains on the 541distribution form. The 1041 K1 and the California 541 K1 now have the same amounts of reportable income.