Form 1041-Es - Estimated Income Tax For Estates And Trusts

When a Penalty Is Applied

Paperwork Reduction Act Notice. We

A fiduciary that is not required to make

ask for the information on the payment

electronic deposits of estimated tax on

In some cases, the estate or trust may

behalf of a trust or an estate may

vouchers to carry out the Internal

owe a penalty when it files its return. The

voluntarily participate in EFTPS. To

Revenue laws of the United States. You

penalty is imposed on each

enroll in or get more information about

are required to give us the information.

underpayment for the number of days it

EFTPS, visit the EFTPS website at

We need it to ensure that you are

remains unpaid. A penalty may be

or call 1-800-555-4477.

complying with these laws and to allow

applied if the estate or trust did not pay

Also, see Pub. 966, Electronic Federal

us to figure and collect the right amount

enough estimated tax or it did not make

Tax Payment System: A Guide To

of tax.

the payments on time or in the required

Getting Started.

You are not required to provide the

amount. A penalty may apply even if the

Depositing on time. For a deposit using

information requested on a form that is

estate or trust has an overpayment on its

EFTPS to be on time, the deposit must

subject to the Paperwork Reduction Act

tax return.

be submitted by 8:00 p.m. Eastern time

unless the form displays a valid OMB

The penalty may be waived under

the day before the due date of the

control number. Books or records

certain conditions. See Pub. 505 for

deposit.

relating to a form or its instructions must

details.

be retained as long as their contents

Where To File

may become material in the

Certain Payments of

administration of any Internal Revenue

Mail the payment voucher to:

Estimated Tax Treated as

law. Generally, tax returns and return

Internal Revenue Service

Paid by Beneficiary

information are confidential, as required

P.O. Box 804526

by section 6103.

Cincinnati, OH 45280-4526

The fiduciary (or executor, for the final

The time needed to complete the

year of the estate) may elect to have any

Do not send the payment voucher to

worksheets and prepare and file the

portion of its estimated tax payments

the Internal Revenue Service Center

payment vouchers will vary depending

treated as made by a beneficiary (and

where you file Form 1041.

on individual circumstances. The

not as payments made by the estate or

Only the U.S. Postal Service can

estimated average time is:

trust).

deliver to the above address.

Recordkeeping .

19 min.

Such an amount is treated as a

Amending Estimated Tax

payment of the estimated tax made by

Learning about the

the beneficiary on the January 15th

law or the form .

15 min.

Payments

following the end of the tax year.

Preparing the form

. 1 hr., 43 min.

To change or amend the estate’s or

Time for making election. The fiduciary

Copying, assembling,

trust’s estimated payments, refigure the

must make the election on the 2016

and sending the form

total estimated payments due (line 16 of

Form 1041-T, Allocation of Estimated

to the IRS .

1 hr.

the 2016 Estimated Tax Worksheet).

Tax Payments to Beneficiaries. The

Then use Worksheet 2-9 in Pub. 505 to

If you have comments concerning the

election must be filed on or before the

figure the payment due for each

accuracy of these time estimates or

65th day after the close of the estate’s or

remaining period. If an estimated tax

suggestions for making this package

trust’s tax year. For details, see section

payment for a previous period is less

simpler, we would be happy to hear from

643(g).

than 1/4 of the amended estimated tax,

you. You can send us comments from

the estate or trust may owe a penalty

Click on “More

when its return is filed.

Information” and then on “Give us

feedback.” You can also send your

comments to the Internal Revenue

Service, Tax Forms and Publications

Division, 1111 Constitution Ave. NW,

IR-6526, Washington, DC 20224.

Do not send the payment vouchers to

this address. Instead, see Where To File,

earlier.

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Form 1041-Es - Estimated Income Tax For Estates And Trusts - 2016 Page 3

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