California Form 541-Es - Estimated Tax For Fiduciaries - 2012
Download a blank fillable California Form 541-Es - Estimated Tax For Fiduciaries - 2012 in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete California Form 541-Es - Estimated Tax For Fiduciaries - 2012 with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
32012 Instructions for Form 541-ES
Estimated Tax For Fiduciaries
General Information
If the estate or trust must make estimated tax
Mental Health Services Tax Worksheet
payments, use the Estimated Tax Worksheet on
Use whole dollars only.
Installment Payments. Quarterly estimated
the next page to figure the amount owed.
tax payments shall be paid in the following
A. Taxable income from Form 541
Real Estate Mortgage Investment Conduit
percentages of the required annual payment:
line 20a . . . . . . . . . . . . . . . . .
(REMIC) trusts are not required to make
1st Quarter – 30 percent
estimated payments.
B. ESBT taxable income from
2nd Quarter – 40 percent
Tax-exempt trusts and nonexempt charitable
Form 541 line 20b. . . . . . . . .
3rd Quarter –
0 percent
trusts described in IRC Section 4947(a)(1) should
4th Quarter – 30 percent
C. Add line A and line B. . . . . . .
use Form 100-ES, Corporation Estimated Tax.
Estates and trusts with a tax liability less
D. Less . . . . . . . . . . . . . . . . . . .
$(1,000,000)
than $500 do not need to make estimated tax
C When to Make Estimated Tax
E. Subtotal . . . . . . . . . . . . . . . .
payments.
Payments
F. Multiply line E by 1% . . . . . .
x .01
A Purpose
For estimated tax purposes, the year is divided
G. Mental Health Services Tax –
into four payment periods. Each period has a
Use Form 541-ES, Estimated Tax For Fiduciaries,
Enter this amount on line 10
specific payment due date. If an estate or trust
to figure and pay estimated tax for an estate
of the 2012 Estimated Tax
does not pay enough tax by the due date of each
or trust. Estimated tax is the amount of tax the
Worksheet on the next page
payment, it may be charged a penalty even if it is
fiduciary of an estate or trust expects to owe for
D How to Use Form 541-ES
due a refund when it files its income tax return.
the year.
The payment due dates are:
Use the Estimated Tax Worksheet on the next
B Who Must Make Estimated
Estimated tax payment:
Due date is:
page and the 2011 Form 541 tax return as a guide
Tax Payments
1st Payment
April 17, 2012*
for figuring the 2012 estimated tax payment.
2nd Payment
June 15, 2012
Generally, a fiduciary of an estate or trust must
There is a separate payment form for each due
3rd Payment
September 17, 2012
make 2012 estimated tax payments if the estate
4th Payment
January 15, 2013
date. Use the form with the correct due date.
or trust expects to owe at least $500 in tax for
*Due to the Emancipation Day holiday on
Fill in Form 541-ES:
2012 (after subtracting withholding and credits).
April 16, 2012, tax returns filed and payments
1. Using black or blue ink, print the estate’s or
mailed or submitted on April 17, 2012, will be
A fiduciary of an estate or trust is not required to
trust’s name, the fiduciary’s name and title,
considered timely.
make 2012 estimated tax payments if one of the
mailing address, and the estate’s or trust’s
following applies:
Filing an Early Tax Return in Place of the 4th
federal employer identification number (FEIN)
Installment. If an estate or trust files its 2012 tax
• 100% of the tax shown on the 2011 tax return
in the space provided on Form 541-ES. Print all
return by January 31, 2013, and pays the entire
including alternative minimum tax (AMT) was
names and words in CAPITAL LETTERS. If the
balance due, it does not have to make its last
paid by withholding.
estate’s or trust’s name or address is too long
estimated tax payment.
• 90% of the tax shown on the 2012 tax return
to fit in the provided spaces, do not shorten the
will be paid by withholding.
name or address. Instead, ignore the combed
Annualization Option. If the estate or trust does
• It is a decedent’s estate for any taxable year
lines and fit the information in the space
not receive its taxable income evenly during the
ending before the date that is two years after
provided.
year, it may be to its advantage to annualize the
the decedent’s death.
income. This method allows matching estimated
Include the Private Mail Box (PMB) in the
• It is a trust that was treated as owned by
tax payments to the actual period when income
address field. Write “PMB” first, then the box
the decedent and if the trust will receive the
was earned. Use the annualization schedule
number. Example: 111 Main Street PMB 123.
residue of the decedent’s estate under the will
included with 2011 form FTB 5805, Underpayment
2. Enter on the payment line of the form only the
(or if no will is admitted to probate, the trust is
of Estimated Tax by Individuals and Fiduciaries.
amount of the current payment. When making
primarily responsible for paying debts, taxes,
Farmers and Fishermen. If at least 2/3 of gross
payments of estimated tax, be sure to take into
and expenses of administration) for any taxable
income for 2011 or 2012 is from farming or
account any previous year’s overpayment to
year ending before the date that is two years
fishing, the estate or trust may apply one of the
be credited against the current year’s tax, but
after the decedent’s death.
following:
do not include the overpayment amount in the
Required Annual Estimated Tax Payment
payment amount.
• Pay the total estimated tax by January 15, 2013.
Adjusted Gross Income (AGI) $50,000 or less.
• File Form 541, California Fiduciary Income Tax
3. If part of the estimated tax is to be allocated
Estates and trusts required to make estimated tax
Return, for 2012 on or before March 1, 2013,
to the beneficiaries per IRC Section 643(g),
payments and whose 2011 AGI is $150,000 or
and pay the total tax due. In this case,
enclose a copy of Form 541-T, California
less, must figure their estimated tax based on the
estimated tax payments are not due for 2012.
Allocation of Estimated Tax Payments for
lesser of 100% of the tax for 2011 or 90% of the
Enclose form FTB 5805F, Underpayment of
Beneficiaries, to Form 541-ES.
tax for 2012, including AMT. This rule does not
Estimated Tax by Farmers and Fishermen, with
4. Using black or blue ink, make a check or money
apply to farmers or fishermen.
Form 541.
order payable to the “Franchise Tax Board.”
AGI greater than $50,000. Estates and trusts
Fiscal Year Filers. If the estate or trust files
Write the FEIN and “2012 Form 541-ES” on
required to make estimated tax payments and
on a fiscal year basis, the due dates will be the
the check or money order. Enclose, but do not
whose 2011 AGI is more than $150,000 must
15th day of the 4th, 6th, and 9th months of the
staple the payment with Form 541-ES and mail
figure their estimated tax based on the lesser of
fiscal year and the first month of the following
to:
110% of the tax for 2011 or 90% of the tax for
fiscal year. When the due date falls on a weekend
FRANCHISE TAX BOARD
2012, including AMT. This rule does not apply to
or holiday, the deadline to file and pay without
PO BOX 942867
farmers or fishermen.
penalty is extended to the next business day.
SACRAMENTO CA 94267-0031
AGI $,000,000 or more. Estates and trusts with
Mental Health Services Tax. If the estate’s or
Make all checks or money orders payable in
a 2012 AGI equal to or greater than $1,000,000
trust’s taxable income is more than $1,000,000,
U.S. dollars and drawn against a U.S. financial
must figure their estimated tax based on 90%
compute the Mental Health Services Tax. Income
institution.
of the tax for 2012. This rule does not apply to
from an Electing Small Business Trust (ESBT) is
5. Keep a record of the payment.
farmers or fishermen.
also subject to the Mental Health Services Tax.
6. Fiscal year filers: Fill in the month and
year-end information at the top of the form.
Form 541-ES Instructions 2011 Page
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial