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Louisiana Fiduciary Income Tax Return
Extracted from PDF file 2023-louisiana-form-it-541.pdf, last modified October 2014Fiduciary Income Tax Return
IT-541 (1/24) Page 1 of 3 Mark all Applicable Boxes: LDR Account Number: Initial Return Fiduciary Income Tax Return Federal Identification Number: Amended Return Name of Estate or Trust Mark box if: Mail to: Louisiana Department of Revenue P. O. Box 3440 Baton Rouge, LA 70821-3440 Final Return Name of Estate or Trust continued 2023 Resident Trust Calendar Year filer Nonresident Trust Fiscal Year filer (Enter dates below) Address Change Address Unit Type City State Unit Number ZIP Foreign Nation, if not United States (do not abbreviate) Short period return (Enter dates below) Income (mm/dd/yy) NAICS code Date entity was created: Begun Ended (mmddyyyy) Number of Schedules K-1 attached: Type of entity code(s) Computation of Income 1 Federal taxable income before modifications. See Instructions. When using Louisiana Schedule A, (Computation of Louisiana taxable income before income distribution deduction), leave Lines 1, 2, and 3 blank and begin with Line 4. 1 Additions 2A Net income tax paid to any state or political or municipal subdivision 2A 2B Interest income from other states and their political or municipal subdivisions 2B 2C Donation to School Tuition Organization Credit or Donation to Qualified Foster Care Charitable Organization Credit 2C 2D Add Back of Pass – Through Entity Loss 2D 2E Federal Exemption 2E 2F Federal Income Distribution Deduction 2F 2G Total – Add Lines 2A through 2F. 2G Subtractions 3A Interest and dividends on U.S. government obligations 3A 3B Depletion in excess of federal depletion 3B 3C S Bank Exclusion – See the instructions. 3C 3D Pass – Through Entity Exclusion 3D 3E Exemption 3E 3F Other 3F 3G Total – Add Lines 3A through 3F. 3G FOR OFFICE USE ONLY Field Flag 18471 IT-541 (1/24) Page 2 of 3 LDR Account Number: 4 Louisiana taxable income before income distribution deduction – Enter either the amount of Line 1 plus Line 2G, less Line 3G, OR enter the amount from Form IT-541, Schedule A, Line 13. If using the amount from Form IT-541, Schedule A, please check box. 4 5 Less Louisiana income distribution deduction from Schedule C, Line g. 5 6 Louisiana taxable income – Subtract Line 5 from Line 4. 6 7 Total tax – See Worksheet 1, Calculation of Income Tax. Enter a “1” in the box if a foreign estate or trust electing to be taxed on total gross income from Louisiana sources at the rate of 5%. 7 8 Resident only: Credit for net income taxes paid to other states by resident estates and trusts – Completed Form R-10606 and a copy of the other state’s return must be submitted. 8 9 Other nonrefundable priority 1 income tax credits – From Schedule NRC-P1, Line 7. 9 10 Total income tax after priority 1 credits – Subtract Lines 8 and 9 from Line 7. 10 11 Refundable priority 2 credits – From Schedule RC-P2, Line 9. 11 12 Tax liability after priority 2 credits – See the instructions. 12 13 Overpayment after priority 2 credits – See the instructions. 13 14 Nonrefundable priority 3 credits – From Schedule NRC-P3, Line 10. 14 15 Tax after priority 3 credits – See the instructions. 15 16 Overpayment after priority 2 credits – Enter the amount from Line 13. 16 17 Refundable priority 4 credits – From Schedule RC-P4, Line 6. 17 18 Amount of credit carried forward from 2022. 18 19 Nonresident only: Amount paid on your behalf by a Composite Partnership Filing Enter name of partnership ____________________________________________________ 20 Amount of Louisiana Tax Withheld For 2023 – Attach Forms W-2 and 1099. 21 20 Amount of Estimated Payments for 2023 and Amount of Extension Payment – From Schedule 21 D, Line 6. 22 Total Refundable Tax Credits and Payments – Add Lines 16 through 21. 23 19 Overpayment – If Line 22 is greater than Line 15, subtract Line 15 from Line 22. Otherwise, go to Line 26. 24 Amount of Line 23 to be credited to 2024 Income tax 22 23 24 18472 IT-541 (1/24) Page 3 of 3 LDR Account Number: 25 Amount to be refunded – Subtract Line 24 from Line 23. 25 26 Amount owed – If Line 15 is greater than Line 22, subtract Line 22 from Line 15. 26 27 Interest – From the Interest Calculation Worksheet Line 5. 27 28 Delinquent filing penalty – From the Delinquent Filing Penalty Calculation Worksheet Line 3. 28 Delinquent payment penalty – From the Delinquent Payment Penalty Calculation Worksheet Line 7. 29 29 PAY THIS AMOUNT. 30 Total amount due – Add Lines 26 through 29. 30 Under the penalties of perjury, I declare that I have examined this return, including all accompanying documents, and to the best of my knowledge and belief, it is true, correct, and complete. If prepared by a person other than taxpayer, his declaration is based on all information of which he has any knowledge. Print Name of Fiduciary Title of Fiduciary Signature of Fiduciary or officer representing Fiduciary Telephone Address City Print Preparer’s Name Preparer’s Signature Date (mm/dd/yyyy) State ZIP Date (mm/dd/yyyy) Check PAID PREPARER USE ONLY Firm’s Name ➤ Firm’s FEIN ➤ Firm’s Address ➤ Telephone ➤ PTIN, FEIN, or LDR Account Number of Paid Preparer For Office Use Only. ■ if Self-employed 18473 IT-541 (1/24) Schedules NRC-P1 and RC-P4 LDR Account Number: Schedule NRC-P1 – Nonrefundable Priority 1 Credits Description Code Credit Amount 1. 2. 3. 4. 5. 6. 7. Other Nonrefundable Priority 1 Credits: Add credit amounts in Lines 1 through 6. Enter here and on Form IT-541, Line 9. Description Premium Tax Bone Marrow Code 100 120 Description Qualified Playgrounds Debt Issuance Code 150 155 Description Code Donations to Public Schools 170 Other 199 Schedule RC-P4 – Refundable Priority 4 Credits Description Code Credit Amount 1. F 2. F 3. F 4. F 5. F 6. Refundable Priority 4 Credits: Add credit amounts in Lines 1 through 5. Enter the result here and on Form IT-541, Line 17. Description Code Inventory Tax 50F Ad Valorem Natural Gas 51F 18474 IT-541 (1/24) Schedule NRC-P3 LDR Account Number: Schedule NRC-P3 – Part I – Nonrefundable Priority 3 Credits Description Code Credit Amount 1. 2. 3. 4. 5. 6. Description Code Previously Unemployed 208 New Jobs Credit 224 Eligible Re-entrants 228 Apprenticeship (2007) 236 Tax Equalization 305 Manufacturing Establishments 310 Other 399 Refunds by Utilities 412 Description Code Description LA Import LA Work Opportunity Youth Jobs Apprenticeship (2022) Code 460 461 462 463 Donation to School Tuition Organization 424 QMC Music Job Creation Credit 454 Neighborhood Assistance Research and Development 457 458 Donation to Qualified Foster Care Charitable Organization 464 Ports of Louisiana Import Export Cargo 459 Inventory Tax Credit Carried Forward & ITEP 500 Description Code Ad Valorem Natural Gas Credit Carried Forward 502 Atchafalaya Trace Cane River Heritage Area Ports of Louisiana Investor Enterprise Zone Recycling Credit Other 504 506 508 510 550 599 Schedule NRC-P3 – Part II – Transferable, Nonrefundable Priority 3 Credits Description Code Credit Amount 7. 7A. 8. 8A. 9. 9A. 10. Nonrefundable Priority 3 Credits: Add credit amounts in Lines 1 through 9. Enter here and on Form IT-541, Line 14. IMPORTANT! These codes must be claimed on Lines 7 through 9. Description Code Motion Picture Investment 251 Research and Development 252 Historic Structures 253 Description Capital Company LCDFI Credit Code 257 258 Description Code New Markets 259 Motion Picture Infrastructure 261 Description Angel Investor Other Code 262 299 18475 IT-541 (1/24) Schedule RC-P2 LDR Account Number: Schedule RC-P2 – Part I – Refundable Priority 2 Credits Description Code Credit Amount 1. F 2. F 3. F 4. F 5. F Schedule RC-P2 – Part II – Transferable, Refundable Priority 2 Credits Description Code Credit Amount 6 2 F Musical and Theatrical Production 6 2 F Musical and Theatrical Production 6 2 F 6. Musical and Theatrical Production 6A. 7. 7A. 8. 8A. 9. Refundable Priority 2 Credits: Add credit amounts in Lines 1 through 8. Enter the result here and on Form IT-541, Line 11. Description Ad Valorem Offshore Vessels Telephone Company Property Prison Industry Enhancement Code 52F 54F 55F Description Milk Producers Technology Commercialization Retention and Modernization Code 58F 59F 70F Digital Interactive Media and Software 73F Description Code Funeral and Burial Expense for a Pregnancy-related Death 77F Other Refundable 80F 18476 IT-541 (1/24) Schedule A LDR Account Number u _____________________________ Schedule A – Computation of Louisiana Taxable Income before Income Distribution Deduction 1 Federal taxable income before the exemption and income distribution deduction 1 2 Net income taxes paid to any state or political or municipal subdivision 2 3 Donation to School Tuition Organization Credit or Donation to Qualified Foster Care Charitable Organization Credit 3 4 Add Back of Pass – Through Entity Loss 4 5A Subtractions Any income that is exempt from taxation under the laws of Louisiana or that Louisiana is prohibited from taxing by the Constitution or laws of the United States 5A 5B Depletion allowed under Louisiana law in excess of federal depletion 5B 5C S-Bank exclusion 5C 5D Pass – Through Entity Exclusion 5D 5E Other 5E 5F Total subtractions – Add Lines 5A through 5E. 5F 6 7 Modified federal taxable income – Add Lines 1, 2, 3, & 4, subtract Line 5F, and enter the result. Modified Federal Taxable Income Allocated or Apportioned to Louisiana Allocable income from all sources – See instructions. Attach schedule supporting each amount. 6 7 7A Net rents and royalties from immovable or corporeal movable property 7A 7B Royalties from the use of patents, trademarks, etc. 7B 7C Income from estates, trusts, and partnerships 7C 7D Income from construction, repair, etc. 7D 7E Other allocable income – See instructions. 7E 7F Total allocable income from all sources – Add Lines 7A through 7E. 7F 8 Net income subject to apportionment – Subtract Line 7F from Line 6. 8 9 Net income apportioned to Louisiana – Multiply Line 8 by the percentage from Schedule B, Line 7. See the instructions. 9 10 Allocable income from Louisiana sources – See the instructions. Attach schedule supporting each amount. 10 10A Net rents and royalties from immovable or corporeal movable property 10A 10B Royalties from the use of patents, trademarks, etc. 10B 10C Income from estates, trusts, and partnerships 10C 10D Income from construction, repair, etc. 10D 10E Other allocable income – See the instructions. 10E 10F 10F Total allocable income from Louisiana sources – Add Lines 10A through 10E. 11 Modified federal taxable income allocated and apportioned to Louisiana – Add Lines 9 and 10F and enter the result. 11 12 Less federal itemized deductions attributable to Louisiana – See the instructions. 12 13 Louisiana taxable income before income distribution deduction – Subtract Line 12 from Line 11. Enter the result here and on Form IT-541, Line 4. 13 18477 IT-541 (1/24) Schedules B and C LDR Account Number u _____________________________ Schedule B – Computation of Apportionment Percent Description of items used as factors 1. Total amount per Federal Return 2. Total Louisiana Amount 3. Factor ratios (%) 1. Net sales of merchandise and/or charges for services A. Sales where goods, merchandise, or property is received in Louisiana by the purchaser B. Charges for services performed in Louisiana C. Other gross apportionable income attributable to Louisiana D. Total – In Column 1, enter total net sales and charges for services. In Column 2, add Lines 1A, 1B, and 1C and enter the result on Line 1D. Divide Column 2 by Column 1 and enter the ratio in Column 3. % 2. Wages, salaries, and other personal service compensation paid during the year. Enter amounts in Columns 1 and 2. Divide Column 2 by Column 1 and enter the ratio in Column 3. % 3. Income tax property ratio – Enter amounts in Column 1 and 2. Divide Column 2 by Column 1 and enter the ratio in Column 3. % 4. Loans made during the year – Enter amounts in Columns 1 and 2. Divide Column 2 by Column 1 and enter the ratio in Column 3. 5. Taxpayers primarily in the business of manufacturing and merchandising enter ratio from Column 3, Line 1D. % % 6. Add percentages under Column 3, Lines 1D, 2, 3, 4, and 5 and enter result. % 7. Average of percents – Line 6 divided by the number of factors used. % Schedule C – Distributive Shares of Beneficiaries List Social Security Number, Name, and Address of each beneficiary as shown on their individual income tax return Form IT-540 or IT-540B. Social Security Number Name, Address, City, State, ZIP Distributive Share of Louisiana Income to Beneficiary Percentage of Beneficial Interest a. % b. % c. % d. % e. % f. % g. Total Distribution. Enter the Results on Form IT-541, Line 5. 100% 18478 IT-541 (1/24) Schedule D LDR Account Number u _____________________________ Schedule D – Summary of Estimated Tax Payments Check Number 1 First quarter estimated payment 2 Second quarter estimated payment 3 Third quarter estimated payment 4 Fourth quarter estimated payment 5 Extension Payment 6 Total – Add Lines 1 through 5. Date Amount 18479
Form IT-541
More about the Louisiana Form IT-541 Corporate Income Tax Tax Return TY 2023
We last updated the Fiduciary Income Tax Return in January 2024, so this is the latest version of Form IT-541, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-541 directly from TaxFormFinder. You can print other Louisiana tax forms here.
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TaxFormFinder has an additional 34 Louisiana income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form CIFT-620 | Corporation Income Tax and Franchise Tax Return |
| Form IT-541 | Fiduciary Income Tax Return |
| Form CIFT-401W | Unrelated Business Income Worksheet for IRC 401(a) and 501 Organizations |
| Form IT-565 | Partnership Return of Income and Form IT-565B Apportionment |
| CIFT-620ES | Estimated Tax Voucher for Corporations |
View all 35 Louisiana Income Tax Forms
Form Sources:
Louisiana usually releases forms for the current tax year between January and April. We last updated Louisiana Form IT-541 from the Department of Revenue in January 2024.
Form IT-541 is a Louisiana Corporate Income Tax form. Like the Federal Form 1040, states each provide a core tax return form on which most high-level income and tax calculations are performed. While some taxpayers with simple returns can complete their entire tax return on this single form, in most cases various other additional schedules and forms must be completed, depending on the taxpayer's individual situation, to create a complete income tax return package.
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 Louisiana Form IT-541
We have a total of twelve past-year versions of Form IT-541 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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