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California Trust Allocation of an Accumulation Distribution
Extracted from PDF file 2023-california-form-541-schedule-j.pdf, last modified September 2023Trust Allocation of an Accumulation Distribution
TAXABLE YEAR 2023 Trust Allocation of an Accumulation Distribution CALIFORNIA SCHEDULE J (541) Attach to Form 541. Name of trust Part I FEIN Accumulation Distribution For definitions and special rules, see the federal Treasury Regulations under Internal Revenue Code (IRC) Sections 665–668. See the instructions for federal Form 4970, Tax on Accumulation Distribution of Trusts, for certain income minors may exclude and for special rules for multiple trusts. 1 Enter amount from 2023 Form 541, Schedule B, line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Enter amount from 2023 Form 541, Schedule B, line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Enter amount from 2023 Form 541, Schedule B, line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 4 2023 distributable net income. Subtract line 3 from line 2. If line 3 is more than line 2, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 2023 accumulation distribution. Subtract line 4 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Part II Ordinary Income Accumulation Distribution. Enter the applicable throwback years below. If the distribution is thrown back more than four years (starting with the earliest applicable taxable year beginning after December 31, 1968), attach additional schedules. If the trust was a simple trust, see federal Treasury Regulation Section 1.665(e) – 1A(b). 6 Distributable net income. See instructions . . . . . . . . . . . . . . . . . . 6 7 Distributions. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Undistributed net income. Subtract line 7 from line 6 . . . . . . . . . 8 9 Enter amount from Part III, line 25 . . . . . . . . . . . . . . . . . . . . . . . 9 10 Subtract line 9 from line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 11 Enter amount of prior accumulation distributions thrown back to any of these years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Subtract line 11 from line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Allocate the amount on line 5 to the earliest applicable taxable year first. Do not allocate an amount greater than the amount on line 12 for the same year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Divide line 13 by line 10 and multiply the result by line 9 . . . . . . 14 15 Add line 13 and line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Tax-exempt interest included on line 13. See instructions . . . . . . 16 17 Subtract line 16 from line 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 For Privacy Notice, get FTB 1131 EN-SP. Throwback year ending (YYYY) Throwback year ending (YYYY) Throwback year ending (YYYY) Throwback year ending (YYYY) ___________ ___________ ___________ ___________ 7861233 Schedule J (541) 2023 Side 1 Part III Taxes Imposed on Undistributed Net Income. Enter the applicable throwback years below. If more than four throwback years are involved, attach additional schedules. See General Instructions. If the trust received an accumulation distribution from another trust, see the federal Treasury Regulations under IRC Sections 665-668. 18 Tax. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 Total net capital gain. See instructions . . . . . . . . . . . . . . . . . . . . . 19 20 Net capital gain distributed to beneficiaries. See instructions . . . 20 21 Net capital gain undistributed. Subtract line 20 from line 19 . . . . 21 22 Total taxable income. See instructions . . . . . . . . . . . . . . . . . . . . . 22 23 Enter percent (divide line 21 by line 22) but not more than 100% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 24 Multiply amount on line 18 by percentage on line 23 . . . . . . . . . . 24 Throwback year ending (YYYY) Throwback year ending (YYYY) Throwback year ending (YYYY) Throwback year ending (YYYY) ___________ ___________ ___________ ___________ 25 Tax on undistributed net income. Subtract line 24 from line 18. Enter here and on Part II, line 9 . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Part IV Allocation to Beneficiary. Complete Part IV for each beneficiary. See instructions. Beneficiary’s name Beneficiary’s address (number and street, PO box, or PMB no.) Identifying number Apt. no./ste. no. City, State, and ZIP code 26 Throwback year ending (YYYY) ________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 27 Throwback year ending (YYYY) ________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 28 Throwback year ending (YYYY) ________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 29 Throwback year ending (YYYY) ________ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 30 Total. Add amounts from line 26 through line 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 31 Is this beneficiary a nonresident of California? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Side 2 Schedule J (541) 2023 7862233 (a) Enter amount from Part II, line 13 allocated to this beneficiary • Yes • No (b) Enter amount from Part II, line 14 allocated to this beneficiary (c) Enter amount from Part II, line 16 allocated to this beneficiary
2023 Schedule J (541) Trust Allocation of an Accumulation Distribution
More about the California Form 541 Schedule J Corporate Income Tax TY 2023
We last updated the Trust Allocation of an Accumulation Distribution in February 2024, so this is the latest version of Form 541 Schedule J, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 541 Schedule J 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 541 Schedule J.
| Form Code | Form Name |
|---|---|
| Form 541 Schedule K-1 | Beneficiary's Share of Income, Deductions, Credits, etc. |
| Form 541 Schedule P | Alternative Minimum Tax and Credit Limitations - Fiduciaries |
| Form 541 Schedule D | Capital Gain or Loss |
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 541 Schedule J from the Franchise Tax Board in February 2024.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of California Form 541 Schedule J
We have a total of twelve past-year versions of Form 541 Schedule J in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form 541 Schedule J
2023 Schedule J (541) Trust Allocation of an Accumulation Distribution
2022 Form 541 Schedule J
2022 California Schedule J (541) Trust Allocation of an Accumulation Distribution
2021 Form 541 Schedule J
2021 California Schedule J (541) Trust Allocation of an Accumulation Distribution
2020 Form 541 Schedule J
2020 California Schedule J (541) Trust Allocation of an Accumulation Distribution
2018 Form 541 Schedule J
2018 Schedule J (541) - Trust Allocation of an Accumulation Distribution
2017 Form 541 Schedule J
2017 Schedule J (541) - Trust Allocation of an Accumulation Distribution
2016 Form 541 Schedule J
2015 Schedule J (541) -- Trust Allocation of an Accumulation Distribution
2015 Form 541 Schedule J
2015 Schedule J (541) -- Trust Allocation of an Accumulation Distribution
2014 Form 541 Schedule J
2014 Schedule J (541) -- Trust Allocation of an Accumulation Distribution
2013 Form 541 Schedule J
2013 Schedule J (541) -- Trust Allocation of an Accumulation Distribution
2012 Form 541 Schedule J
2012 Schedule J (541)
2011 Form 541 Schedule J
2011 Schedule J (541) -- Trust Allocation of an Accumulation Distribution
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