To calculate the tax owed on California Form 568, Limited Liability Company Return of Income, Schedule IW, LLC Income Worksheet needs to be completed. The amount calculated on this worksheet flows to Form 568 line 1, and line 1 is not filled in until you have opened the worksheet menu.
Only amounts that are from sources derived from or attributable to California are reported on Schedule IW. When when completing the worksheet, if the LLC conducts business within and outside of California, you will need to determine the California portion. The Form 568 instructions provide detailed information on how to do this for each category of income.
To complete Schedule IW in the California LLC return, from the California 568 Main Menu select:
- Tax
- LLC Income Worksheet Net Income - C:omplete the worksheet as needed. If not all income is sourced in California you'll need to manually adjust the worksheet as needed to report only California-sourced income.
Additional Information: