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California Tax on Lump-Sum Distributions
Extracted from PDF file 2023-california-form-540-schedule-g-1.pdf, last modified October 2023Tax on Lump-Sum Distributions
TAXABLE YEAR 2023 CALIFORNIA SCHEDULE Tax on Lump-Sum Distributions G-1 Attach to Form 540, Form 540NR, or Form 541. Use this form only for lump-sum distributions from qualified plans. Name(s) as shown on tax return Part I SSN, ITIN, or FEIN Complete this part to see if you can use Schedule G-1. Yes No 3 Was this distribution paid to you as a beneficiary of a plan participant who was born before January 2, 1936? . . . . . . . . . . . 3 □ □ □ □ □ □ 4 Were you (a) a plan participant who received this distribution, (b) born before January 2, 1936, and (c) a participant in the plan for at least 5 years before the year of distribution? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 □ □ □ □ 1 Was this a distribution of a plan participant’s entire balance from all of an employer’s qualified plans of one kind (pension, profit-sharing, or stock bonus)? If “No,” do not use this form. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Did you roll over any part of the distribution? If “Yes,” do not use this form . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 If you answered “No” to both questions 3 and 4, do not use this form. 5 Did you use Schedule G-1 in a prior year for any distribution received after 1986 for the same plan participant, including yourself, for whom the 2023 distribution was made? If “Yes,” do not use this form . . . . . . . . . . . . . . . 5 Part II Complete this part to choose the 5.5% capital gain election. See instructions. 6 Capital gain from federal Form 1099-R, box 3. If you are taking the death benefit exclusion, see instructions . . . . . . . . 6 00 7 Multiply line 6 by 5.5% (.055) and enter here. If you elect to use Part III, go to line 8. Otherwise, enter the amount from line 7 on Form 540, line 34; Form 540NR, line 41; or Form 541, line 21b . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 00 8 00 Part III Complete this part to choose the 10-year averaging method. See instructions. 8 If you completed Part II, enter the amount from federal Form 1099-R, box 2a minus box 3. If you did not complete Part II, enter the amount from federal Form 1099-R, box 2a. See instructions . . . . . . . . . . . . . . . 9 Death benefit exclusion for a beneficiary of a plan participant who died before August 21, 1996. See instructions . . . . . . . . 9 00 10 Total taxable amount. Subtract line 9 from line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 00 11 Current actuarial value of annuity, if applicable, from federal Form 1099-R, box 8. See instructions . . . . . . . . . . . . . . . . . . . 11 00 12 Adjusted total taxable amount. Add line 10 and line 11. If this amount is $70,000 or more, skip line 13 through line 16, and enter this amount on line 17.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 00 13 Multiply line 12 by 50% (.50), but do not enter more than $10,000 . . . . . . . . . . . . . . . . . . . . . 13 14 Subtract $20,000 from line 12 and enter the difference. If the result is zero or less, enter -0. . . . . . . . . . . . . . . . . . . . . . . . . 14 00 00 15 Multiply line 14 by 20% (.20) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 00 16 Minimum distribution allowance. Subtract line 15 from line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 00 17 Subtract line 16 from line 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 00 18 Multiply line 17 by 10% (.10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 00 19 Tax on amount on line 18. Use the Tax Rate Schedule in the instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 00 20 Multiply line 19 by ten (10). If line 11 is blank, skip line 21 through line 26 and enter this amount on line 27. Otherwise, continue to line 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 00 21 Divide line 11 by line 12 (rounded to at least three places). See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 ___ . ___ ___ ___ ___ 22 Multiply line 16 by the decimal amount on line 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 00 23 Subtract line 22 from line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 00 24 Multiply line 23 by 10% (.10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 00 25 Tax on amount on line 24. Use the Tax Rate Schedule in the instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 00 26 Multiply line 25 by ten (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 00 27 Subtract line 26 from line 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 00 28 Tax on lump-sum distribution. Add Part II, line 7 and Part III, line 27. Enter here and on Form 540, line 34; Form 540NR, line 41; or Form 541, line 21b. Multiple recipients, see instructions . . . . . . . . . . . . . . . . . . . . . . . . 00 For Privacy Notice, get FTB 1131 EN-SP. 7821233 28 Schedule G-1 2023
2023 Schedule G-1 Tax on Lump-Sum Distributions
More about the California Form 540 Schedule G-1 Individual Income Tax TY 2023
Attach to Form 540, Long Form 540NR, or Form 541. Use this form only for lump-sum distributions from qualified plans.
We last updated the Tax on Lump-Sum Distributions in January 2024, so this is the latest version of Form 540 Schedule G-1, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 540 Schedule G-1 directly from TaxFormFinder. You can print other California tax forms here.
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TaxFormFinder has an additional 174 California income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the California Form 540 Schedule G-1.
| Form Code | Form Name |
|---|---|
| Form 540 Schedule CA | California Adjustments - Residents |
| Form 540 Schedule CA INS | Instructions and Forms for Schedule CA (540) |
| Form 540 Schedule D | California Capital Gain or Loss Adjustment |
| Form 540 Schedule P | Alternative Minimum Tax and Credit Limitations - Residents |
| Form 540 Schedule S | 2019 Instructions Schedule S |
| Form 540 Schedule D-1 | Sales of Business Property |
View all 175 California Income Tax Forms
Form Sources:
California usually releases forms for the current tax year between January and April. We last updated California Form 540 Schedule G-1 from the Franchise Tax Board in January 2024.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of California Form 540 Schedule G-1
We have a total of twelve past-year versions of Form 540 Schedule G-1 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 540 Schedule G-1
2023 Schedule G-1 Tax on Lump-Sum Distributions
2022 Form 540 Schedule G-1
2022 California Schedule G-1 Tax on Lump-Sum Distributions
2021 Form 540 Schedule G-1
2021 Schedule G-1 Tax on Lump-Sum Distributions
2020 Form 540 Schedule G-1
2020 California Schedule G-1 - Tax on Lump-Sum Distributions
2019 Form 540 Schedule G-1
2019 Schedule G-1 Tax on Lump-Sum Distributions
2018 Form 540 Schedule G-1
2018 Schedule G-1(540) - Tax on Lump-Sum Distributions
2017 Form 540 Schedule G-1
2017 Schedule G-1 (540) - Tax on Lump-Sum Distributions
2016 Form 540 Schedule G-1
2016 Form G-1 - Tax on Lump-Sum Distributions
2015 Form 540 Schedule G-1
2015 Schedule G-1 -- Tax on Lump-Sum Distributions
2014 Form 540 Schedule G-1
2014 Schedule G-1 -- Tax on Lump-Sum Distributions
2013 Form 540 Schedule G-1
2013 Schedule G-1 -- Tax on Lump-Sum Distributions
2011 Form 540 Schedule G-1
2011 Schedule G-1 -- Tax on Lump-Sum Distributions
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