Form 541 (2024) — California Fiduciary Income Tax Return

TAXABLE YEAR 2024 California Fiduciary Income Tax Return Form 541 TAXABLE YEAR 2024 California Fiduciary Income Tax Return Form 541
TAXABLE YEAR 2024 California Fiduciary Income Tax Return Form 541
TAXABLE YEAR 2024 California Fiduciary Income Tax Return Form 541 541
For calendar year 2024 or fiscal year beginning (mm/dd/yyyy) _, and ending (mm/dd/yyyy) _

• Type of entity .

Name of estate or trust
Check all that apply .
(1) • Decedent's estate
Name and title of all fiduciaries, see instructions
(2) • Simple trust
(3) • Complex trust
Additional information (see instructions)
(4) • Grantor trust
(5) • Bankruptcy estate

• Chapter 7

Street address (number and street) or PO box
(6) • Bankruptcy estate

• Chapter 11

City (If you have a foreign address, see page 9)
(7) • Pooled income fund
(8) • ESBT
Foreign country name
(9) • QSST
(10) • Apportioning
Check applicable boxes: • trust
(11) • ING trust

• Initial tax return

(12) • ING trust w/ election

• REMIC

(13) • Qualified

• Amended tax return disability trust

FEIN A
R
RP
PBA code
Apt no./suite no. PMB/private mailbox

# State ZIP code

Foreign province/state/county Foreign postal code

• Final tax return
• Protective claim
• Change in fiduciary's name or address

Complete Schedule G on Side 3 if trust has nonresident trustees and/or nonresident beneficiaries.
1 Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 00 2 Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 00 3 Business income or (loss) . Attach federal Schedule C (Form 1040) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 3 4 Capital gain or (loss) . Attach Schedule D (541) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 4
Income
5 Rents, royalties, partnerships, other estates and trusts, etc . Attach federal Schedule E (Form 1040) . . . . . . . . . . . . . . . . . • 5 6 Farm income or (loss) . Attach federal Schedule F (Form 1040) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 6 7 Ordinary gain or (loss) . Attach Schedule D-1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 7 8 Other income . See instructions . State nature of income . . . . . . . . . • 8 9 Total income. Add line 1 through line 8 . (Apportioning fiduciaries: Complete Schedule G on Side 3) . . . . . . . . . . . . . . . . . • 9 10 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 00 11 Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 00

# 23 Credits . Attach worksheet . Enter code •

If more than one credit, see instructions .
23 00
24 Total . Add line 22 and line 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 24 25 Subtract line 24 from line 21 . If less than zero, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

# Tax and Payments

26 Alternative minimum tax . Attach Schedule P (541) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 26 27 Mental Health Services Tax . See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 27 28 Total tax . Add line 25, line 26, and line 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 28 29 California income tax withheld . See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 29 30 California income tax previously paid . See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 30 31 Withholding Form 592-B and/or 593 . See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 31 32 2024 CA estimated tax, amount applied from 2023 tax return, and payment with form FTB 3563 . . . . . . . . . . . . . . . . . . . . • 32 3161243 Form 541 2024 Side 1

33 Total payments . Add line 29, line 30, line 31, and line 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 00 34 Use tax . See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 34 35 Payments balance . If line 33 is more than line 34, subtract line 34 from line 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 35 36 Use tax balance . If line 34 is more than line 33, subtract line 33 from line 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 36 37 Tax Due . If line 28 is more than line 35, subtract line 35 from line 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 37

# Tax and Payments

38 Overpaid tax . If line 35 is more than line 28, subtract line 28 from line 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 38 39 Amount on line 38 to be credited to 2025 estimated tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 39 40 Amount of overpaid tax available this year . Subtract line 39 from line 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 40 41 Total voluntary contributions from Side 4, line 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 00 42 Refund or no amount due. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 00 43 Amount due. See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 43 44 Underpayment of estimated tax . Check the box: • FTB 5805 attached • FTB 5805F attached . See instructions . . . . • 44
Schedule A Charitable Deduction. Do not complete for a simple trust or a pooled income fund . See instructions .
1 a Amounts paid for charitable purposes from gross income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1a b Amounts permanently set aside for charitable purposes from gross income . See instructions . • 1b c Total . Add line 1a and line 1b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1c 00 2 Tax-exempt income allocable to charitable contributions . See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 00 3 Subtract line 2 from line 1c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 00 4 Capital gains for the tax year allocated to corpus and paid or permanently set aside for charitable purposes . . . . . . . . . . . . . . . . . . . 4 00 5 Charitable deduction. Add line 3 and line 4 . Enter here and on Side 1, line 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

# Other Information

1 a Date trust was created or, if an estate, date of decedent's death (mm/dd/yyyy) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 1a b Name of Grantor(s) of Trust (attach an additional sheet if necessary) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b 2 a If an estate, was decedent a California resident? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Yes • No b Was decedent married at date of death? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Yes • No c If "Yes," enter surviving spouse's/RDP's social security number (or ITIN) and name:
3 If an estate, enter fair market value (FMV) of: a Decedent's assets at date of death . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3a b Assets located in California . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3b c Assets located outside California . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3c
Note: Income of final year is taxable to beneficiaries .
4 If this is the final tax return of an estate, enter date of court order, if applicable, authorizing the final distribution . . . . . . . . . . . . . . . . 4 5 Did the estate or trust receive tax-exempt income? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Yes • No If "Yes," attach computation of the allocation of expenses .
6 Is this tax return for a short taxable year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Yes • No 7 Has the estate or trust included a Reportable Transaction, or Listed Transaction within this tax return? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Yes • No If "Yes," complete and attach federal Form 8886 .
8 Does this trust have a beneficial interest in a trust or is it a grantor of another trust? Attach schedule of trusts and federal IDs . . . . . . . . . . • • Yes • No 9 During the year did the estate or trust defer any income from the disposition of assets? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • • Yes • No 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.

# Sign Here

# Firm's FEIN

Schedule B Income Distribution Deduction. Income Distribution Deduction.
1 Adjusted total income . Enter amount from Side 1, line 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 00 2 Adjusted tax-exempt interest and nontaxable gain from installment sale of small business stock . See instructions . . . . . . . . . . . . . . 2 00 3 Net gain shown on Schedule D (541), line 9, column (a) . If net loss, enter -0- . See instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 00 4 Enter amount from Schedule A, line 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 00 5 Enter capital gain included on Schedule A, line 1c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 If the amount on Side 1, line 4 is a gain, enter the amount here as a negative number .
5 00
6 00
If the amount on Side 1, line 4 is a loss, enter the loss as a positive number . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Distributable net income . Combine line 1 through line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 Income for the taxable year determined under the governing instrument (accounting income) . . . . 8 7 00 9 Income required to be distributed currently (IRC Section 651) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 00 10 Other amounts paid, credited, or otherwise required to be distributed (IRC Section 661) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 00 11 Total distributions . Add line 9 and line 10 . If the result is greater than line 8, see federal Form 1041, Schedule B, line 11 instructions to see if you must complete Schedule J (541) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 00 12 Enter the total amount of tax-exempt income included on line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 00 13 Tentative income distribution deduction . Subtract line 12 from line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 00 14 Tentative income distribution deduction . Subtract line 2 from line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 00 15 Income distribution deduction. Enter the smaller of line 13 or line 14 here and on Side 1, line 18 . . . . . . . . . . . . . . . . . . . . . . . . . . 15 00 Schedule G California Source Income and Deduction Apportionment. Schedule G California Source Income and Deduction Apportionment. Complete line 1 a through line 1 f before Part two Part one: If a trust, enter the number of: If a trust, enter the number of:
1 a California resident trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • b Nonresident trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • c Total number of trustees (line a plus line b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • d California resident beneficiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • e Nonresident beneficiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • f Total number of beneficiaries (line d plus line e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . •

# Code Amount

Alzheimer's Disease and Related Dementia Voluntary Tax Contribution Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . .