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Line 1 – Interest

For taxable years beginning on or after

Line 13c – Taxes paid to other states

If you have an amount on Schedule K-1 (541),

January 1, 2002, the NOL carryover computation

You may claim a credit against your individual

line 1, column (c), report this amount on

for the California taxable income of a nonresident

income tax on your share of the net income tax

Schedule CA (540 or 540NR), line 8, column B or

or part-year resident is no longer limited by the

paid to other states by the estate or trust. Get

column C, whichever is applicable.

amount of net operating loss from all sources.

Schedule S, Other State Tax Credit.

Line 2 – Dividends

Line 12a – Adjustment for alternative minimum

Line 13d – Other credits

If you have an amount on Schedule K-1 (541),

tax purposes

If applicable, the estate or trust will use this line,

line 2, column (c), report this amount on

If you have an amount on Schedule K-1 (541),

through an attached statement, to give you the

Schedule CA (540 or 540NR), line 9, column B or

line 12, column (d), report this amount on

information you need to compute credits related

column C, whichever is applicable.

Schedule P (540), Alternative Minimum Tax and

to a trade or business activity.

Credit Limitations — Residents, or Schedule P

Line 3 – Net capital gain or (loss)

Credits that may be reported include the

(540NR), Alternative Minimum Tax and Credit

If you have an amount on Schedule K-1 (541),

following:

Limitations — Nonresidents or Part-Year

line 3, column (d), report this amount on

• California Competes Credit. Use credit

Residents, Part I, line 12, whichever is applicable.

Schedule D (540 or 540NR), California Capital

code 233.

Gain or Loss Adjustment, line 2, column (d) or

Line 12b through Line 12d

• California Motion Picture and Television

column (e), whichever is applicable.

• Schedule P (540) filers: Include any

Production Credit. Get form FTB 3541.

If there is an attachment to Schedule K-1 (541)

column (d) amount on Schedule P (540),

• College Access Credit. Use credit code 235.

that reports the disposition of a passive activity,

Part I, line 12.

• Community Development Financial Institutions

get form FTB 3801 for more information.

Investment Credit. Use credit code 209.

• Schedule P (540NR) filers: Include

• Disabled Access Credit for Eligible Small

Line 5 – Other portfolio and nonbusiness

column (d) amounts on Schedule P (540NR),

Businesses. Get form FTB 3548.

income

Part I, line 12. and report column (e) amounts

• Donated Agricultural Products Transportation

If you have an amount on Schedule K-1 (541),

in Part II, line 29 (f).

Credit. Get form FTB 3547.

line 5, column (c), report this amount on

Line 12e – Exclusion items

• Donated Fresh Fruits or Vegetables Credit. Get

Schedule CA (540 or 540NR), line 17, column B

Include any column (d) or column (e) amount on

form FTB 3811.

or column C, whichever is applicable.

form FTB 3510, Credit for Prior Year Alternative

• Enhanced Oil Recovery Credit. Get form

Line 6 through Line 8 – Ordinary business, net

Minimum Tax — Individuals or Fiduciaries, line 2.

FTB 3546.

rental real estate, and other rental income

Line 13a – Trust payments of estimated tax

• Enterprise Zone Hiring and Sales or Use Tax

Read the instructions below before including any

credited to you

Credit. Get form FTB 3805Z.

amounts shown on Schedule K-1 (541), line 6, on

Include on Form 540, California Resident Income

• Environmental Tax Credit. Get form FTB 3511.

Schedule CA (540 or 540NR), line 17.

Tax Return, line 72 or Long Form 540NR,

• Local Agency Military Base Recovery Area

Passive activities: The deductions on line 6 may

California Nonresident or Part-Year Resident

Hiring Credit. Get form FTB 3807.

be subject to the passive loss limitation rules.

Income Tax Return, line 82, any estimated tax

• Low Income Housing Credit. Get form

In general, losses from passive activities are

payments paid by the trust on your behalf.

FTB 3521.

allowed only to the extent of income from passive

• Manufacturing Enhancement Area Hiring

Line 13b – Total withholding

activities.

Credit. Get form FTB 3808.

Total withholding is the sum of your distributive

• Natural Heritage Preservation Credit. Get form

If your passive activity deductions exceed your

share of taxes withheld from payments to the

FTB 3503.

passive activity income, or you have passive

estate or trust by another entity (allocated to all

• New Employment Credit. Get form FTB 3554.

activity losses from any other source, you must

beneficiaries according to their respective estate

• Prison Inmate Labor Credit. Get form

use form FTB 3801 to figure your losses allowed

or trust interests) plus taxes withheld-at-source

FTB 3507.

from all passive activities.

on you as a domestic or foreign nonresident

• Research Credit. Get form FTB 3523.

beneficiary. If there is a pass-through withholding

Line 9a through Line 9c – Depreciation,

• Targeted Tax Area Hiring Credit. Get form FTB

credit from another entity or taxes were withheld

depletion, and amortization

3809.

on you by the estate or trust, the estate or

Any directly apportionable deduction, such as

trust must provide you with a completed

The passive activity limitations of IRC Section 469

depreciation, is treated by the beneficiary as having

2014 Form 592-B, Resident and Nonresident

may limit the amount of credits you may claim.

been incurred in the same activity as incurred

Withholding Tax Statement. Attach Form 592-B

Get form FTB 3801-CR, Passive Activity Credit

by the estate or trust. The estate or trust should

to the front of your California income tax return

Limitations.

provide you with a schedule showing your share

to claim the amount withheld. The amount shown

of directly apportionable deductions derived from

Line 14a – Tax-exempt interest

on Form 592-B should be reported on one of the

each activity reported on line 5 through line 8.

Include any column (c) amount on Schedule CA

following:

(540 or 540NR), line 8, column B or column C,

Line 11a – Excess deductions on termination

• Form 540, California Resident Income Tax

whichever is appropriate.

If you have an amount on Schedule K-1 (541),

Return, line 73.

line 11a, column (c), report this amount on

Line 14d – Other information

• Long Form 540NR, California Nonresident or

Schedule CA (540 or 540NR), Part II, line 41 as

Report any column (c) amount on Schedule CA

Part-Year Resident Income Tax Return, line

a positive or a negative amount, whichever is

(540 or 540NR), line 17, column B or column C,

83.

applicable.

whichever is appropriate.

• Form 541, California Fiduciary Income Tax

Line 11b – Capital loss carryover

If the estate or trust is claiming tax benefits from

Return, line 31.

If you have an amount on Schedule K-1 (541),

an EZ, LARZ, or LAMBRA, it will give you your

• Form 109, California Exempt Organization

line 11b, column (c) report the amount on

distributive share of the business income, and

Business Income Tax Return, line 17.

Schedule D (540 or 540NR), line 6.

business capital gains and losses included in

• Form 100, California Corporation Franchise or

business income, apportioned to the EZ, LARZ,

Line 11c and Line 11d – Net operating loss

Income Tax Return, line 34.

or LAMBRA on this line. Get form FTB 3805Z,

(NOL) carryover

• Form 100S, California S Corporation Franchise

FTB 3806, Los Angeles Revitalization Zone

Upon termination of a trust or decedent’s estate,

or Income Tax Return, line 33.

Deduction and Credit Summary, or FTB 3807 to

a beneficiary succeeding to its property is allowed

Schedule K-1 (541) is not used to claim the

claim the NOL, credit, or business deduction from

to deduct any unused NOL (and any Alternative

withholding credit. If the estate or trust is not on

any of these economic development areas.

Minimum Tax (AMT) NOL) carryover for regular

a calendar year, the amount on line 13b may not

and AMT purposes if the carryover would be

match the amount on Form 592-B because of the

allowable to the estate or trust in a later tax year

difference in accounting periods.

but for the termination.

Page 2 Schedule K-1 (541) Beneficiary Instructions 2014

California Schedule K-1 (541) - Beneficiary'S Share Of Income, Deductions, Credits, Etc. - 2014 Page 3

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