INSTRUCTIONS: ESTIMATED INCOME TAX FOR ESTATES AND TRUSTS (FORM 1041-ES)

The fiduciary responsible for managing an estate or trust is, in most cases, responsible for filing estimated tax payments concerning earnings from these on an annual basis. The Estimated Income Tax For Estates And Trusts form is available from the IRS website or can be obtained in person at one of their offices. The form provided here concerns tax year 2012.

Estimated Income Tax For Estates And Trusts 1041-ES Step 1: Begin completing this form by completing page 5, the estimated tax worksheet. Do not begin by completing page 4.

Estimated Income Tax For Estates And Trusts 1041-ES Step 2: On the estimated tax worksheet, enter the adjusted total income expected for the tax year in question.

Estimated Income Tax For Estates And Trusts 1041-ES Step 3: Enter applicable income distribution and estate tax deductions, as well as any exemptions. Except for qualified funeral trusts, very estate and trust is granted some form of exemption. Consult the instructions to see what your exemption is.

Estimated Income Tax For Estates And Trusts 1041-ES Step 4: Enter the amount of estimated tax from the tax schedule at the bottom of the page. Apply any applicable credits as noted in the instructions. Subtract these from your estimated tax schedule rate. Further subtractions and deductions, including withheld income tax payments already made, should be noted as indicated.

Estimated Income Tax For Estates And Trusts 1041-ES Step 5: Return to page 4 and enter the amount of taxable income as determined by line 6 of page 5.

Estimated Income Tax For Estates And Trusts 1041-ES Step 6: Complete all steps concerning subtraction of various credits and multiplication of taxable income as noted in the instructions. This will create a different tax which must be paid. At the bottom of the page, enter the smallest tax from either page in line 31.

Estimated Income Tax For Estates And Trusts 1041-ES Step 7: If you are planning on making a payment of estimated tax along with your form, four vouchers are attached. Fill out your name, the name and address of the estate in question, and note the size of the payment being submitted.

Estimated Income Tax For Estates And Trusts 1041-ES Step 8: Submit the form, with check or money order if applicable, to the address listed in instructions.