Form 541-Es - Estimated Tax For Fiduciaries - 2005
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22005 Instructions for Form 541-ES
Estimated Tax For Fiduciaries
charged a penalty even if it is due a refund
Note: If the fiduciary leases a private mail box
What’s New
when it files its income tax return. The
(PMB) from a private business rather than a
payment periods and due dates are:
PO box from the United States Postal Service,
Effective for 2005, Alternative Minimum Tax
include the box number in the field labeled
(AMT) is now included in the calculation of
For the payment period
Due date is:
“PMB no.” in the address area.
estimated tax.
J
an. 1 through March 31, 2005
April 15, 2005
2. Enter in the payment box of the voucher
April 1 through May 31, 2005
June 15, 2005
A Purpose
only the amount of the current payment.
June 1 through August 31, 2005
Sept. 15, 2005
Use Form 541-ES to figure and pay estimated
When making payments of estimated tax,
Sept. 1 through Dec. 31, 2005
Jan. 17, 2006
tax for an estate or trust. Estimated tax is the
be sure to take into account any previous
Filing an Early Tax Return in Place of the 4th
amount of tax the fiduciary of an estate or
year’s overpayment to be credited against
Installment. If an estate or trust files its 2005
trust expects to owe for the year.
the current year’s tax, but do not include
tax return by January 31, 2006, and pays the
the overpayment amount in the payment
B Who Must Make Estimated
entire balance due, it does not have to make
amount.
its last estimated tax payment.
Tax Payments
3. If part of the estimated tax is to be allocated
Annualization Option. If the estate or trust
Generally, a fiduciary of an estate or trust
to the beneficiaries per IRC Section 643(g),
does not receive its taxable income evenly
must make 2005 estimated tax payments
attach a copy of Form 541-T, California
during the year, it may be to its advantage to
unless:
Allocation of Estimated Tax Payments to
annualize the income. This method allows
• 100% or more of the estate’s or trust’s
Beneficiaries, to Form 541-ES.
matching estimated tax payments to the actual
2004 tax was paid by withholding; or
period when income was earned. Use the
4. Make the check or money order payable to
• 90% or more of the estate’s or trust’s 2005
annualization schedule included with 2004
“Franchise Tax Board.” Write the FEIN and
tax will be paid by withholding.
form FTB 5805, Underpayment of Estimated
“Form 541-ES 2005” on the check or
Generally, the required estimated tax amount
Tax by Individuals and Fiduciaries.
money order. Enclose, but do not staple the
is based on the lesser of 90% of the current
payment with Form 541-ES and mail to:
Farmers and Fishermen. If at least 2/3 of
year’s tax or 100% of the prior year’s tax
gross income for 2004 or 2005 is from
FRANCHISE TAX BOARD
including AMT, or 110% of that amount if the
farming or fishing, the estate or trust may:
PO BOX 942867
estate’s or trust’s AGI on the 2004 return is
SACRAMENTO CA 94267-0031
• Pay the total estimated tax by January 17,
more than $150,000.
2006; or
5. Keep a record of the payment.
An estate or trust is not required to make
• File Form 541 for 2005 on or before
6. Fiscal year filers: Fill in the month and
2005 estimated tax payments if:
March 1, 2006, and pay the total tax due. In
year-end information at the top of the
• The tax for 2004 (after subtracting withhold-
this case, estimated tax payments are not
voucher.
ing and credits) was less than $200; or
due for 2005. Enclose form FTB 5805F,
E Failure to Make Estimated Tax
• The tax for 2005 (after subtracting
Underpayment of Estimated Tax by Farmers
withholding and credits) will be less than
and Fishermen, with Form 541.
Payments
$200; or
Fiscal Year. If the estate or trust files on a
If the estate or trust is required to make
• It is a decedent’s estate for any tax year
fiscal year basis, the due dates will be the 15th
estimated tax payments and does not, or if it
ending before the date that is two years
day of the 4th, 6th, and 9th months of the
underpays any installment, a penalty will be
after the decedent’s death; or
fiscal year and the first month of the following
assessed for that portion of estimated tax that
• It is a trust that was treated as owned by
fiscal year. If the due date is a Saturday,
was underpaid from the due date of the
the decedent and if the trust will receive the
Sunday, or legal holiday, use the next
installment to the date of payment or the due
residue of the decedent’s estate under the
business day.
date of the tax return, whichever is earlier. For
will (or if no will is admitted to probate, the
more information, get 2004 form FTB 5805.
D How to Use Form 541-ES
trust is primarily responsible for paying
debts, taxes, and expenses of administra-
F Other Information
Payment Voucher
tion) for any tax year ending before the date
Filing 541-ES on Magnetic Media. Fiducia-
Use the Estimated Tax Worksheet on the
that is two years after the decedent’s death.
ries that make estimated tax payments for
following page and the 2004 Form 541 return
If the estate or trust must make estimated tax
more than 200 taxable trusts may submit the
as a guide for figuring the 2005 estimated tax
payments, use the Estimated Tax Worksheet
estimated tax information on magnetic media
payment.
on the following page to figure the amount
or composite listing. For additional informa-
Note: There is a separate payment voucher for
owed.
tion, our general toll-free service is available
each due date. Use the voucher with the
from within the United States (800) 852-5711
Real Estate Mortgage Investment Conduit
correct due date.
or from outside the United States
(REMIC) trusts are not required to make
Fill in Form 541-ES:
(916) 845-6500 (not toll-free).
estimated payments.
1. Print the estate’s or trust’s name, the
Telephone assistance is available year-round
Tax-exempt trusts and nonexempt charitable
fiduciary’s name and title, mailing address,
from 7 a.m. until 7 p.m. Monday through
trusts described in IRC Section 4947(a)(1)
and the estate’s or trust’s federal employer
Friday. We may modify these hours without
should use Form 100-ES, Corporation
identification number (FEIN) in the space
notice to meet operational needs.
Estimated Tax.
provided on Form 541-ES. Use black or
Forms By Internet. You can download, view,
C When to Make Estimated Tax
blue ink. Print all names and words in
and print California tax forms and publications
CAPITAL LETTERS. If the estate’s or trust’s
Payments
from our Website at
name or address is too long to fit in the
For estimated tax purposes, the year is divided
Access other state agencies’ Websites through
provided spaces, do not shorten the name
into four payment periods. Each period has a
the State Agency Index on California’s Website
or address. Instead, ignore the lines and fit
specific payment due date. If an estate or trust
at
the information in the space provided.
does not pay enough tax by the due date of
each of the payment periods, it may be
Form 541-ES Instructions
(REV. 05-05)
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