Form Esw-Fid - Montana Fiduciary Estimated Income Tax Worksheet - 2014 Page 3
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3Form ESW-FID Instructions
What is the purpose of Form ESW-FID?
How does an estate or trust determine the amount of
estimated withholding that it will have in 2014?
The purpose of this form is to assist a fi duciary in
calculating the 2014 estimated income tax. Estimated tax
A fi duciary can use the 2014 paycheck or pension
payments are a method used to pay tax on income that is
check stubs received to date to estimate the amount of
not subject to withholding. Examples of income that may
withholding that the estate or trust may have in 2014.
not be subject to withholding include interest, dividends,
In addition, remember to include in payments any 2013
rents, capital gains, royalties, etc.
overpayments that are credited to 2014, any backup
Is a fi duciary required to make estimated tax
withholding that may be made on behalf of the estate
payments?
or trust from a pass-through entity, or any estimated
refundable credits, such as the elderly homeowner/renter
A fi duciary for an estate or trust is required to make
credit.
estimated tax payments in 2014 if the estate or trust
expects to owe an income tax liability of at least $500 after
A fi duciary did not make estimated tax payments in
subtracting tax credits and withholding payments.
2014 and the income tax due of the estate or trust is
If a fi duciary is required to make estimated tax payments,
more than $500. Is the estate or trust subject to any
these payments will be the lesser of:
penalties and interest on the underpayment?
•
100% of the 2013 Montana tax liability reported on Form
Yes. A fi duciary is required to pay the income tax liability
FID-3, line 36, or
of an estate or trust throughout the year. Payments can
be made through employer withholding, installment
•
90% of the 2014 Montana income tax liability.
payments of estimated taxes, or a combination of employer
Who is not required to make estimated payments?
withholding and estimated tax payments.
The fi duciary is not required to make estimated tax
If a fi duciary did not pay in advance at least 90% of the
payments in 2014 if the estate or trust meets one of the
2014 income tax liability (after applying credits) or 100%
following criteria:
of the 2013 income tax liability (after applying credits), the
•
The 2014 income tax due after credits and withholding
fi duciary may have to pay interest on the underpayment of
is less than $500,
the estimated tax.
•
The 2013 tax period covered 12 months and the
How can a fi duciary make estimated tax payments?
Montana tax due was zero, or
•
Pay Electronically. Please visit our website at
•
The estate or trust was not required to fi le a 2013
revenue.mt.gov under Online Services. You can pay
Montana income tax return.
through Taxpayer Access Point (TAP) with an e-check
for free or use a credit/debit card. The payment can be
When are the estimated tax payments due?
scheduled immediately or for a later date. Fiduciaries
When a fi duciary fi les an estate’s or trust’s tax return on
can also submit an ACH credit estimated payment
a calendar year basis, it may prepay all of the estimated
through a fi nancial institution.
taxes for 2014 by April 15, 2014, or it may pay them in four
•
Pay by personal check, money order or cashier’s
equal amounts that are due on the dates listed below.
check. Please make the check payable to Montana
First payment
-
due April 15, 2014
Department of Revenue. Remember to sign the check
and include the federal identifi cation number and “Tax
Second payment
-
due June 15, 2014
Year 2014-EST” on the memo line. Include a FID
Third payment
-
due Sept 15, 2014
payment voucher which can be found on our website at
Fourth payment
-
due Jan 15, 2015
revenue.mt.gov under Forms and Resources. This will
If any of these installment dates fall on a weekend or a
ensure accurate application of an estimated payment.
holiday, the payment is due on the next business day.
Please mail your payment to:
Montana Department of Revenue
If a fi duciary fi les an estate’s or trust’s tax return on a fi scal
PO Box 6309
year basis, the payment dates are the 15th day of the
Helena, MT 59604-6309
fourth, sixth, and ninth months of the fi scal year and the
fi rst month of the following fi scal year.
Administrative Rules of Montana: 42.17.304 through
42.17.309 and 42.17.313 through 42.17.316
What does a fi duciary need to do if the income
situation for an estate or trust changes during the
Questions? Please call us toll free at (866) 859-2254 (in
year?
Helena, 444-6900).
If an estate’s or trust’s tax situation changes during the
year, the fi duciary will need to recalculate the estimated
tax payments. The remaining installment payments will
need to be proportionally changed so that the balance of
the estimated payments is paid equally over the remaining
installment periods.
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