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tgtaylo
April 18, 2024
Question

K1 Form 1041

  • April 18, 2024
  • 1 reply
  • 0 views

I live in Utah, I got this K1 from my Dad's Estate in Calf. Do I need to file a California State tax return?

1 reply

PatriciaV
PatriciaV
Employee
April 18, 2024

Yes, if the estate had California-sourced income that's reported to you on Schedule K-1, you will need to file a California state tax return.

 

Here's a list of potential California source income:

  • Compensation
  • Business income
  • Sale of stocks and bonds
  • Sale of real estate
  • Partnerships, S corporations, and certain trusts
  • Installment sales
  • Nonstatutory Stock Options (NQSOs)
  • Incentive Stock Options (ISOs)
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