California Form 541-Es Draft - Estimated Tax For Fiduciaries

E Failure to Make Estimated Tax

F Other Information

Telephone assistance is available year-round from

7 a.m. until 5 p.m. Monday through Friday. We

Payments

Filing 541-ES on Magnetic Media. Fiduciaries

may modify these hours without notice to meet

that make estimated tax payments for more than

If the estate or trust is required to make estimated

operational needs.

200 taxable trusts may submit the estimated tax

tax payments and does not, or if it underpays

Access by Internet. You can download, view, and

information on magnetic media or composite

any installment, a penalty will be assessed for

print California tax forms and publications

listing. For additional information, our general

that portion of estimated tax that was underpaid

at ftb.ca.gov.

toll -free service is available from within the

from the due date of the installment to the date

United States 800.852.5711 or from outside the

Access other California state agency websites

of payment or the due date of the tax return,

United States 916.845.6500.

at ca.gov.

whichever is earlier. For more information, get

2014 form FTB 5805.

2015 Estimated Tax Worksheet. Do not file. Keep this worksheet for your records.

Enter the estimated amount of adjusted total income you expect in 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 ___________________

Enter income distribution deduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 ___________________

Taxable income of fiduciary. Subtract line 2 from line 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 ___________________

Tax. Figure the tax on the amount on line 3 by using the 2014 tax rate schedule . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 ___________________

Additional taxes from: form FTB 5870A, Tax on Accumulation Distribution of Trusts; IRC Section 453A tax, relating to

certain dispositions under the installment method; and, IRC Section 641(c) tax on income attributable to S corporation

stock held by an Electing Small Business Trust (ESBT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 ___________________

Total. Add line 4 and line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 ___________________

Credits. See the instructions for Form 541 for more information about credits you may claim . . . . . . . . . . . . . . . . . . . . . . . . . .

7 ___________________

Total. Subtract line 7 from line 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8 ___________________

Alternative Minimum Tax. See Schedule P (541) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 ___________________

Mental Health Services Tax Worksheet, line G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 ___________________

Enter the total of line 8, line 9, and line 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 ___________________

a Multiply line 11 by 90% (.90). Farmers and fishermen multiply line 11 by 66 2/3% (.6667) . . 12a ___________________

b Enter 100% of the tax shown on your 2014 Form 541, line 28, or 110% (1.10) of that

amount if the estate’s or trust’s AGI on the 2014 Form 541 is more than $150,000,

and if less than 2/3 of gross income for 2014 or 2015 is from farming or fishing . . . . . . . . 12b ___________________

c Enter the lesser of line 12a or line 12b. If the 2015 AGI is $1,000,000 or greater, enter the

amount from line 12a. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12c ___________________

California income tax withheld and estimated to be withheld during 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 ___________________

Estimated tax. Subtract line 13 from line 12c. If less than $500, no payment is required . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 ___________________

Multiply line 14 by 30% (.30). Enter the amount on the 1st and 4th installment of your Form 541-ES. Multiply the amount on

line 14 by 40% (.40). Enter the result on the 2nd installment of your Form 541-ES. See the instructions if income will

be earned at an uneven rate during the year. If the amount is zero, do not mail this form.

Form 541-ES Instructions 2014 Page 2