The California 541 T form is used by estates and trusts to allocate estimated tax payments to beneficiaries. This form allows fiduciaries to elect to treat part of their estimated tax payments as made by the beneficiaries, ensuring proper tax handling. For accurate completion, follow the guidelines provided and click the button below to fill out the form.
The California 541 T form serves as a crucial tool for fiduciaries managing trusts or decedent estates, particularly in the context of tax obligations. This form allows fiduciaries to allocate estimated tax payments made on behalf of the trust or estate to its beneficiaries. By filing Form 541 T, the fiduciary elects to treat a portion of these estimated tax payments as if they were made directly by the beneficiaries, thus impacting their individual tax liabilities. It is important to note that this election is irrevocable once made. The form requires detailed information, including the names and identifying numbers of beneficiaries, the total estimated taxes to be allocated, and the specific amounts designated for each beneficiary. Additionally, the fiduciary must ensure that the total allocated amounts equal the total estimated taxes reported. The form must be filed separately from the California Fiduciary Income Tax Return (Form 541) and submitted by a specific deadline to be considered valid. Accurate completion of this form is essential, as it affects both the fiduciary's and beneficiaries' tax responsibilities.
TAXABLE YEAR
CALIFORNIA ALLOCATION OF ESTIMATED TAX
■
FORM
2021
Payments to Beneficiaries
541-T
For calendar year 2021 or fiscal year beginning (mm/dd/yyyy) ____________________ and ending (mm/dd/yyyy) _________________________
Name of estate or trust
FEIN
Name and title of fiduciary
Additional information (see instructions)
Street address of fiduciary (number and street) or PO box
Apt. no./ste. no.
PMB/private mailbox
I
City
State
ZIP code
Foreign country name
Foreign province/state/county
Foreign postal code
Calendar year trusts: File this form no later than March 7, 2022.
If you are filing this form for the final year of the estate or trust, check this box.
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1 Total amount of estimated taxes to be allocated to beneficiaries
. . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . $ ___________________
2
Allocation to beneficiaries:
(a)
(b)
(c)
(d)
(e)
No.
Beneficiary’s name and address
Beneficiary’s
Amount of estimated
Proration
SSN/ITIN or FEIN
tax payment allocated to
percentage
beneficiary
1
%
3
4
5
6
7
8
9
10
Total from additional sheets
4 Total amounts allocated. (Must equal line 1, above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Our privacy notice can be found in annual tax booklets or online. Go to ftb.ca.gov/privacy to learn about our privacy policy statement, or go to ftb.ca.gov/forms and search for 1131 to locate FTB 1131 EN-SP, Franchise Tax Board Privacy Notice on Collection. To request this notice by mail, call 800.338.0505 and enter form code 948 when instructed.
Under penalties of perjury, I declare that I have examined this allocation, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Signature of fiduciary or officer representing fiduciary
Date
Telephone
X
7031213
FORM 541-T 2021
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