Form 1041-Es - Estimated Income Tax For Estates And Trusts - 2012

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Department of the Treasury
Internal Revenue Service
Form 1041-ES
Estimated Income Tax for Estates and Trusts
OMB No. 1545-0971
Section references are to the Internal
2. The tax shown on the 2011 tax
If the estate or trust receives its
Revenue Code unless otherwise noted.
return (110% of that amount if the
income unevenly throughout the year, it
estate’s or trust’s adjusted gross income
may be able to lower or eliminate the
What’s New
(AGI) on that return is more than
amount of its required estimated tax
$150,000, and less than
of gross
payment for one or more periods by
The IRS has created a page on
income for 2011 or 2012 is from farming
using the annualized income installment
for information about Form 1041 and its
or fishing). To figure the estate’s or
method. See Pub. 505, Tax Withholding
instructions at
trust’s AGI, see the instructions for line
and Estimated Tax, for details.
Information about any future
15b of Form 1041, U.S. Income Tax
developments affecting Form 1041 (such
Instructions for 2012
Return for Estates and Trusts.
as legislation enacted after we release it)
Estimated Tax Worksheet
will be posted on that page.
However, if a return was not filed for
2011 or that return did not cover a full 12
Line 4. Exemption
months, item 2 does not apply.
Decedents’ estates. A decedent’s
For tax year 2012, Public Law 111-312
For this purpose, include household
estate is allowed a $600 exemption.
extended the lower tax rates for capital
employment taxes when figuring the tax
gains and qualified dividends.
shown on the tax return, but only if:
Trusts required to distribute all
income currently. A trust whose
• The estate or trust will have federal
Purpose of Form
governing instrument requires that all
income tax withheld from any income, or
income be distributed currently
Use this package to figure and pay
• The estate or trust would be required
is allowed a $300 exemption, even if it
estimated tax for an estate or trust.
to make estimated tax payments (to
distributed amounts other than income
Estimated tax is the amount of tax an
avoid a penalty) even if it did not include
during the tax year.
estate or trust expects to owe for the
household employment taxes when
year after subtracting the amount of any
Qualified disability trusts. A qualified
figuring its estimated tax.
tax withheld and the amount of any
disability trust is allowed a $3,800
Exceptions. Estimated tax payments are
not required from:
This package is primarily for first-time
A qualified disability trust is any trust:
1. An estate of a domestic decedent or
filers. After the IRS receives the first
1. Described in 42 U.S.C. 1396p(c)(2)
a domestic trust that had a full 12-month
payment voucher, the estate or trust will
(B)(iv) and established solely for the
2011 tax year and had no tax liability for
receive a 1041-ES package with the
benefit of an individual under 65 years of
that year;
name, address, and employer
age who is disabled, and
identification number (EIN) preprinted on
2. A decedent’s estate for any tax year
2. All of the beneficiaries of which are
the vouchers for the next tax year. Use
ending before the date that is 2 years
determined by the Commissioner of
the preprinted vouchers unless the
after the decedent’s death; or
Social Security to have been disabled for
Electronic Federal Tax Payment System
3. A trust that was treated as owned
some part of the tax year within the
(EFTPS) is used. If you, as fiduciary, did
by the decedent if the trust will receive
meaning of 42 U.S.C. 1382c(a)(3).
not receive any 2012 preprinted
the residue of the decedent’s estate
vouchers, use the vouchers in this
A trust will not fail to meet 2 above just
under the will (or if no will is admitted to
package. However, do not use the
because the trust’s corpus may revert to
probate, the trust primarily responsible
vouchers to notify the IRS of a change of
a person who is not disabled after the
for paying debts, taxes, and expenses of
address. If the fiduciary has moved,
trust ceases to have any disabled
administration) for any tax year
complete Form 8822-B, Change of
ending before the date that is 2 years
Address — Business, and send it to the
after the decedent’s death.
Qualified funeral trusts. No exemption
service center where you file the estate’s
is allowed to a qualified funeral trust.
How To Figure Estimated
or trust’s tax return.
All other trusts. A trust not described
Who Must Make Estimated
above is allowed a $100 exemption.
Tax Payments
Use the 2012 Estimated Tax Worksheet
Line 7. Tax
and 2012 Tax Rate Schedule on page 5
Electing Alaska Native Settlement
Generally, a fiduciary of an estate or trust
and the estate’s or trust’s 2011 tax
Trusts. Multiply line 6 by 10% to figure
must pay estimated tax if the estate or
return and instructions as a guide for
the amount of tax to enter on line 7,
trust is expected to owe, after
figuring the 2012 estimated tax.
unless the trust is expected to have
subtracting its withholding and credits,
qualified dividends or net capital gain for
at least $1,000 in tax for 2012 and can
2012. Use Part IV of Schedule D of Form
expect its withholding and credits to be
1041-N (Rev. December 2011) as a
less than the smaller of:
worksheet to figure the 2012 tax on
1. 90% of the tax shown on the 2012
qualified dividends or net capital gain.
tax return, or
Cat. No. 63550R


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