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Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1561
Experience:  22 years of tax preparation experience, including individual, trust, and estate returns.
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On form 541, K-1, Beneficiary's share of income, they have down $2,347. Do I report

Customer Question

On form 541, K-1, Beneficiary's share of income, they have down $2,347. Do I report this on my income tax? On the other page they have 1.b, $2347. CA adjustments are $2310 and $37 is in d column. I don't know what amount to put on my tax form. The estate said we would have to pay additional tax. I live in WA state, but the estate is in CA. Do I have to pay CA income tax? Thanks, Judy
Submitted: 2 years ago.
Category: Tax
Expert:  Arthur Rubin replied 2 years ago.
Thank you for using Just Answer, and for requesting me.
You only need file a California return if there are amounts in column (e).
Also, column (d) are not "adjustments". If those numbers are correct, then the only difference between California and Federal calculations are that, for Federal purposes, the income allocated from the estate is interest, while for California purposes, some is interest and some is other (dividends?).
You do have to report, on your 1040, the amounts from form 1041 schedule K-1, which you also should have received, but you need not file a California 540NR unless you have "California source income", such as reported on form 541 Schedule K-1 column (e).