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Business

on all California source income plus the

• Manufacturing Enhancement Area Hiring –

proportion of all other income that the

FTB 3808

• If the business, trade, or profession is

number of California trustees bears to the

• Natural Heritage Preservation – FTB 3503

conducted wholly within California, it is

total number of trustees .

• New Jobs – FTB 3527

California source income .

• Other State Tax – Schedule S

• If the operations within California are so

The residence of a corporate fiduciary

• Prior Year Alternative Minimum Tax –

separate and distinct from the operations

(trustee) of a trust means the place where

Individuals or Fiduciaries – FTB 3510

outside of California that taxable income

the corporation transacts the major portion

• Prison Inmate Labor – FTB 3507

can be separately accounted for, only the

of its administration of the trust, R&TC

• Research – FTB 3523

income from within California must be

Section 17742(b) .

• Targeted Tax Area Hiring & Sales or Use

included in California source income .

Specific Line Instructions

Tax – FTB 3809

• If the trade or business carried on within

California is an integral part of a unitary

Identification Area

Repealed Credits

business carried on outside of California,

• Farmworker Housing Credit – FTB 3540

the entire net income must be reported

Complete the identification area with the same

• Joint Strike Fighter Wages – FTB 3540

and apportioned or allocated in accordance

information used on federal Form 1041-QFT .

• Joint Strike Fighter Property Costs –

with the provisions of the Uniform Division

California law is generally the same as federal

FTB 3540

of Income for Tax Purposes Act (R&TC

law in the following areas:

• Los Angeles Revitalization Zone (LARZ)

Sections 25120 through 25139) .

• Simplified filing requirements

Hiring or Sales & Use Tax – FTB 3806

Partnership, limited liability company (LLC),

• Method of reporting

• Rice Straw – FTB 3540

and S corporation income/loss is apportioned

• Amended tax returns

• Salmon & Steelhead Trout Habitat

or allocated the same as any other business . If

• Final tax returns

Restoration – FTB 3540

the trust is a partner, member, or shareholder

If the trust is filing an amended Form 541-QFT,

• Solar or Wind Energy System – FTB 3540

of a partnership, LLC, or S corporation, income

check the box labeled “Amended return .”

Tax and Payments

sourced to California is generally included in

Complete the entire tax return, correct the

column (e) of Schedules K-1 (565, 568, or

appropriate lines with the new information and

Line 28 – Tax Liability

100S, Share of Income, Deductions, Credits,

refigure the tax liability . On an attached sheet,

If the QFT owes any additional taxes (e .g .

etc .) For more information, refer to Cal . Code

explain the reason for the amendments and

alternative minimum tax, recapture taxes, etc .),

Regs ., tit . 18 section 17951-4 and related tax

identify the lines and amounts being changed

include these taxes on line 28 . To the left of

code .

on the amended tax return . Include the

line 28, write the type and amount of tax . Also

Income retained by a trust is taxable to the

fiduciary’s name and FEIN on each attachment .

attach to Form 541-QFT any forms required

trust . Income from California sources is

Private Mail Box (PMB)

to figure these taxes (e .g ., Schedule P (541),

taxable regardless of the residence of the

Include the PMB in the address field . Write

Alternative Minimum Tax and Credit Limitations

fiduciaries and beneficiaries . The taxability of

“PMB” first, then the box number . Example:

- Fiduciaries .)

non-California source income retained by a

111 Main Street PMB 123 .

trust and allocated to principal depends on the

Line 29 – 2010 Withholding (Form 592B

Tax Computation

residence of the fiduciaries and noncontingent

and/or Form 593)

beneficiaries, not the person who established

Enter the 2010 resident and nonresident or real

Line 13 – Tax

the trust (R&TC Sections 17742 through

estate withholding credit from Form 592-B,

Determine the tax on the taxable income

17745) . Contingent beneficiaries are not

Resident and Nonresident Withholding Tax

(line 12) using the Tax Rate Schedule on

relevant in determining the taxability of a

Statement and/or Form 593, Real Estate

page 4 of these instructions and enter the tax

trust . For QFT purposes, all beneficiaries are

Withholding Tax Statement . Attach a copy of

on line 13 .

considered noncontingent beneficiaries .

the form(s) to the lower front of Form 541QFT .

Line 14 – Credits

Four different situations can occur when

Line 30 – California income tax previously

The following California tax credits are

determining the taxability of a QFT .

paid

available to reduce the tax . For most credits, a

1 . If the trustee (or all the trustees, if more

Use this line only if you are filing an amended

separate form or certification statement must

than one) is a California resident, the trust

tax return . Enter payments made with the

be attached to Form 541-QFT .

is taxable on all income from all sources

original tax return plus additional tax paid

Credit Name and Form Number (if any)

(R&TC Section 17742) .

after the original tax return was filed . Enter the

2 . If the noncontingent beneficiary (or all

• Community Development Financial

serial numbers that the FTB stamped on the

the noncontingent beneficiaries, if more

Institution Deposits — obtain certification

face of the canceled checks, for each previous

than one) is a California resident, the trust

from: California Organized Investment

payment if available, in the space provided at

is taxable on all income from all sources

Network (COIN), Department of Insurance,

line 30 . If you did not receive a canceled check

(R&TC Section 17742) .

300 Capitol Mall, Suite 1600, Sacramento

or if you made any payments with a credit

3 . If the trustee is a nonresident and at

CA 95814

card, attach a statement showing the check

least one noncontingent beneficiary is

• Disabled Access for Eligible Small

number, the amount of the check or charge,

a California resident and at least one

Businesses – FTB 3548

the date posted to your account, and the name

noncontingent beneficiary is a nonresident,

• Donated Agricultural Products

of the payee .

the trust is taxable on all California source

Transportation – FTB 3547

Line 32 – 2010 CA estimated tax, amount

income plus the proportion of all other

• Employer Child Care Contribution –

applied from 2009 tax return, and payment

income that the number of California

FTB 3501

with form FTB 3563

resident noncontingent beneficiaries bear

• Employer Child Care Program – FTB 3501

Enter the amount of any 2010 California

to the total number of noncontingent

• Enhanced Oil Recovery – FTB 3546

estimated tax payment the estate or trust

beneficiaries (R&TC Section 17744) .

• Enterprise Zone Hiring & Sales or Use

made . Also, enter the amount of any

4 . If at least one trustee is a California

Tax – FTB 3805Z

overpayment from the 2009 tax return that

resident, at least one trustee is not a

• Local Agency Military Base Recovery Area

was applied to the 2010 estimated tax . Include

California resident, and all of the trust’s

Hiring & Sales or Use Tax – FTB 3807

payments made with form FTB 3563 .

noncontingent beneficiaries are not

• Low-Income Housing – FTB 3521

California residents, the trust is taxable

Form 541-QFT Instructions 2010 Page 3

Instructions For Form 541-Qft - California Income Tax Return For Qualified Funeral Trusts (Qfts) - 2010 Page 3

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