Instructions For Form 541-Qft - California Income Tax Return For Qualified Funeral Trusts (Qfts) - 2013 Page 4
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4Line 34 – Tax due
Line 42 – Underpayment of estimated tax
If the amount on line 28 is larger than the
penalty
amount on line 33, your tax is larger than your
The QFT may owe an estimated tax penalty if:
payments and credits . Subtract line 33 from
• It underpaid its estimated tax liability for
line 28 . This is the amount of tax due with the
any payment period, or
tax return .
• The amount on Line 34 is more than $500
Using black or blue ink, make your check
and the QFT did not pay either:
or money order payable to the “Franchise
2012 Tax
2013 Tax
Tax Board” for the full amount you owe .
AGI less than $150,000
100%
90%
Do not send cash . Write the FEIN and “2013
AGI between $150,000
Form 541-QFT” on the check or money order .
110%
90%
and $999,999
Enclose, but do not attach your payment to
AGI $1,000,000 or
your tax return .
90%
greater
Line 35 – Overpaid tax
The FTB will figure the penalty and send
If the amount on line 28 is less than the
a bill . However, the QFT may use form
amount on line 33, your payments and credits
FTB 5805, Underpayment of Estimated Tax by
are larger than your tax . Subtract line 28 from
Individuals and Fiduciaries, or form FTB 5805F,
line 33 . This is the amount of your overpaid
Underpayment of Estimated Tax by Farmers
tax .
and Fishermen to:
If the trustee completed the credit recapture
• See if it owes a penalty .
portion of any of the following forms:
• Figure the amount of the penalty .
• Form FTB 3540, Credit Carryover and
• Claim a waiver of estimated tax penalty .
Recapture Summary
• Use the annualized income installment
• Form FTB 3805Z, Enterprise Zone (EZ)
method .
Deduction and Credit Summary
If the QFT completes form FTB 5805 or
• Form FTB 3807, Local Agency Military Base
form FTB 5805F, enter the amount of the
Recovery Area (LAMBRA) Deduction and
penalty (if any) and check the appropriate
Credit Summary
box on line 42 . Attach the form to the back of
Include the recapture amount on line 34 . Write
Form 541-QFT .
the form number and the recaptured amount to
the left of line 34 .
Line 36 – Credit to your 2014 estimated tax
Enter the amount from line 35 that you want
applied to your 2014 estimated tax .
Line 37 – Refund or no amount due
If no amount is entered on line 36, enter the
amount from line 35 on line 37 . This is the
amount that will be refunded . If this amount
is less than $1, attach a written request to
Form 541-QFT to request the refund .
2013 Tax Rate Schedule
Use this schedule to figure the tax on the QFT’s taxable income
(Form 541-QFT, line 12) . Enter the tax on Form 541-QFT, line 13 .
If the amount on Form 541-QFT,
line 12 is:
Enter on Form 541-QFT, line 13:
over —
but not over —
of the amount over —
$
0
$
7,582
$
0 .00 +
1 .00%
$
0
7,582
17,976
75 .82 +
2 .00%
7,582
17,976
28,371
283 .70 +
4 .00%
17,976
28,371
39,384
699 .50 +
6 .00%
28,371
39,384
49,774
1,360 .28 +
8 .00%
39,384
49,774
254,250
2,191 .48 +
9 .30%
49,774
254,250
305,100
21,207 .75 + 10 .30%
254,250
305,100
508,500
26,445 .30 + 11 .30%
305,100
508,500
AND OVER
49,429 .50 + 12 .30%
508,500
Page 4 Form 541-QFT Instructions 2013
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