Form 1041-Es - Estimated Income Tax For Estates And Trusts - 2016 Page 2
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72. All of the beneficiaries of which are
Include household employment taxes
Farmers and fishermen. If at least
/
of
2
3
on line 12 if:
determined by the Commissioner of
gross income for 2015 or 2016 is from
Social Security to have been disabled for
farming or fishing, do one of the
• The estate or trust will have federal
some part of the tax year within the
following.
income tax withheld from any income, or
meaning of 42 U.S.C. 1382c(a)(3).
• The estate or trust would be required
• Pay the total estimated tax (line 16 of
A trust will not fail to meet (2) above
to make estimated tax payments (to
the worksheet) by January 17, 2017.
just because the trust’s corpus may
avoid a penalty) even if it did not include
• File Form 1041 for 2016 by March 2,
revert to a person who is not disabled
household employment taxes when
2017, and pay the total tax due. In this
after the trust ceases to have any
figuring its estimated tax.
case, do not make estimated tax
disabled beneficiaries.
payments for 2016.
When To Make Estimated
Qualified funeral trusts. No exemption
For fiscal year estates, pay the total
Payments
is allowed to a qualified funeral trust.
estimated tax by the 15th day of the 1st
All other trusts. A trust not described
Trusts. The trust may pay all of its
month following the close of the tax
above is allowed a $100 exemption.
estimated tax by April 18, 2016, or in
year, or file Form 1041 by the 1st day of
four equal installments due by the
the 3rd month following the close of the
Line 7. Tax
following dates.
tax year and pay the total tax due.
Electing Alaska Native Settlement
1st installment ............... April 18, 2016
How To Complete and Use
Trusts. Multiply line 6 by 10% to figure
2nd installment ..............June 15, 2016
the amount of tax to enter on line 7,
the Payment Vouchers
unless the trust is expected to have
3rd installment ...............Sept. 15, 2016
qualified dividends or a net capital gain
Each payment voucher has the date
4th installment ............... Jan. 17, 2017
when the voucher is due for calendar
for 2016. Use Part IV of Schedule D of
If the trust has a short tax year, see
Form 1041-N, U.S. Income Tax Return
year estates and trusts. Be sure to use
Notice 87-32, 1987-1 C.B. 477, for the
the correct voucher. Complete and send
for Electing Alaska Native Settlement
estimated tax due dates and other
in the voucher only if you are making a
Trusts, as a worksheet to figure the 2016
information.
payment. To complete your voucher, do
tax on qualified dividends or net capital
the following.
gain. See the Instructions for Form 1041-
The trust does not have to
N at for more
make the payment due on
• Enter the estate’s or trust’s name and
TIP
information.
January 17, 2017, if it files
EIN, and the fiduciary’s name, title, and
the 2016 Form 1041 by
address in the spaces provided on the
Line 10. Credits
payment voucher.
January 31, 2017, and pays the entire
For details on credits the estate or trust
balance due with the return.
• Enter in the payment box of the
may claim, see the instructions for line 2,
voucher only the amount the estate or
Estates. If the estate has adopted a
Schedule G, Form 1041.
trust is sending in. When making
calendar year as its tax year, file using
Line 12. Other Taxes
payments of estimated tax, be sure to
the rules listed under Trusts above.
take into account any 2015 overpayment
Enter any other taxes such as the
If the estate has adopted a fiscal year,
that the estate or trust chose to credit
following.
it may pay all of its estimated tax by the
against its 2016 tax, but do not include
15th day of the 4th month of its 2016 tax
• For estates and trusts, the Net
the overpayment amount in this box.
year or in four equal installments due on
Investment Income Tax (NIIT) is 3.8% of
• Enclose, but do not staple or attach, a
the 15th day of the 4th, 6th, and 9th
the lesser of the estate's or trust's
check or money order with the payment
months of the 2016 tax year, and the 1st
undistributed net investment income or
voucher. Make the check or money order
month of the following tax year.
the excess of the estate's or trust's
payable to “United States Treasury.”
adjusted gross income over the dollar
The estate does not have to
Write the estate’s or trust’s EIN and
amount at which the highest income tax
make the payment due on the
TIP
“2016 Form 1041-ES” on the check or
bracket for estates and trusts begins for
15th day of the 1st month
money order. Do not include any balance
such taxable year. For taxable years
following the close of the
due on the 2015 Form 1041 with the
beginning after December 31, 2015, the
fiscal year if it files the 2016 Form 1041
check for 2016 estimated tax. Fill in the
highest income tax bracket begins at
by the last day of the 1st month following
Record of Estimated Tax Payments, in
$12,400. The NIIT does not apply to
the close of the fiscal year, and pays the
the 2016 Tax Rate Schedule and keep
trusts where all of the unexpired
entire balance due with the return.
them for your files.
interests are devoted to charitable
If any date falls on a Saturday,
purposes.
Electronic Deposits
Sunday, or legal holiday, the installment
• Tax from recapture of investment
is due on the next business day.
A financial institution that has been
credit, low-income housing credit,
designated as an authorized federal tax
If, after March 31, 2016, or after the
qualified electric vehicle credit, the
depositary, and acts as a fiduciary for at
last day of the 3rd month of the fiscal tax
Indian employment credit, the new
least 200 taxable trusts that are required
year, the estate or trust has a large
markets credit, or the credit for
to pay estimated tax, is required to
enough change in income to require the
employer-provided child care facilities.
deposit the estimated tax payments
payment of estimated tax, figure the
• Tax on accumulation distribution of
amount of each installment by using the
electronically using the Electronic
trusts.
Federal Tax Payment System (EFTPS).
annualized income installment method,
• Tax figured under section 641(c) on
as explained in Pub. 505.
income attributable to S corporation
stock held by an electing small business
trust. For details, see Electing Small
Business Trusts in the 2015 Instructions
for Form 1041.
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