2000 Instructions For Form 541-Es printable pdf download

2000 Instructions for Form 541-ES

Estimated Tax For Fiduciaries

General Information

on the lesser of 80% of their current tax for

D How to Figure Estimated Tax

2000 or 105% of the tax for 1999.

Use the Estimated Tax Worksheet and the

Fiduciaries that are required to make estimated

If the estate or trust must make estimated

1999 Form 541 return as a guide for

tax payments for more than 200 taxable trusts

tax payments, use the Estimated Tax

figuring the 2000 estimated tax payment.

may submit the estimated tax payment

Worksheet on the following page to figure

information on magnetic media or composite

E How to Use Form 541-ES

the amount owed.

listing. For additional information about

Payment Voucher

Real Estate Mortgage Investment Conduit

submitting Form 541 estimate payment

(REMIC) trusts are not required to make

There is a separate payment voucher for each

information on magnetic media or composite

estimated payments.

due date. Please be sure you use the voucher

listing, call (800) 852-5711, and select

with the correct due date shown on the right

option 5.

Tax-exempt trusts and nonexempt charitable

side of the voucher.

trusts described in IRC Section 4947(a)(1)

For taxable years beginning on or after

should use FTB Form 100-ES, Corporation

Fill in Form 541-ES:

January 1, 1997, an electing small business

Estimated Tax.

trust (ESBT) may be a shareholder in an

1. Print the estate’s or trust’s name, the

S corporation. An election made by the

C When to Make Your Estimated

fiduciary’s name and title, mailing address,

trustee under Internal Revenue Section (IRC)

and the estate’s or trust’s federal employer

Tax Payments

1361 is considered to be an election for

identification number (FEIN) in the space

For estimated tax purposes, the year is divided

California purposes, and no separate

provided on Form 541-ES. Use black or

into four payment periods. Each period has a

election is allowed (California Revenue and

blue ink. The scanning machines may not

specific payment due date. If an estate or trust

Taxation Code (R&TC) Section 23800.5). Tax

be able to read other colors of ink or pencil.

does not pay enough tax by the due date of

is computed at the highest rate under R&TC

Print all names and words in CAPITAL

each of the payment periods, it may be

Section 17041. For taxable years beginning

LETTERS. If your name or address is too

charged a penalty, even if it is due a refund,

on or after January 1, 1998, the highest rate

long to fit in the boxes provided, do not

when it files its income tax return. The

is 9.3% (R&TC Section 17731.5).

shorten your name or address. Instead,

payment periods and due dates are:

ignore the boxes and fit the information in

A Purpose

the space provided.

For the payment period

Due date is:

Use Form 541-ES to figure and pay

Jan. 1 through March 31, 2000

April 17, 2000

2. Enter in the payment box of the voucher

estimated tax for an estate or trust. Esti-

April 1 through May 31, 2000

June 15, 2000

only the amount you are sending in. When

mated tax is the amount of tax the fiduciary

June 1 through August 31, 2000

Sept. 15, 2000

making payments of estimated tax, be sure

of an estate or trust expects to owe for the

Sept. 1 through Dec. 31, 2000

Jan. 16, 2001

to take into account any 1999 overpayment

year after subtracting the amount of any tax

Filing an Early Return in Place of the 4th

that you chose to credit against your 2000

withheld and the amount of any credits.

Installment. If an estate or trust files its 2000

tax, but do not include the overpayment

tax return by January 31, 2001, and pays

B Who Must Make Estimated

amount in the amount of your payment.

the entire balance due, it does not have to

Tax Payments

3. If part of the estimated tax is to be

make its last estimated tax payment.

allocated to the beneficiaries per IRC

Generally, a fiduciary of an estate or trust must

Annualization Option. If the estate or trust

Section 643(g), attach a copy of

make 2000 estimated tax payments unless:

does not receive its taxable income evenly

Form 541-T, California Allocation of

• More than 80% of the estate’s or trust’s

during the year, it may be to its advantage to

Estimated Tax Payments to Beneficiaries, to

1999 tax was paid by withholding; or

annualize the income. This method allows

Form 541-ES.

• More than 80% of the estate’s or trust’s

matching estimated tax payments to the actual

4. Make your check or money order payable

2000 California adjusted gross income (AGI)

period when income was earned. Use the

to “ Franchise Tax Board.” Write the FEIN

will be wages subject to withholding; or

annualization schedule included with 1999

and “Form 541-ES 2000” on the check or

• More than 80% of the estate’s or trust’s

form FTB 5805, Underpayment of Estimated

money order. Mail your Form 541-ES and

2000 tax will be paid by withholding.

Tax by Individuals and Fiduciaries.

your check or money order to:

An estate or trust is not required to make

Farmers and Fishermen. If at least 2/3 of

FRANCHISE TAX BOARD

2000 estimated tax payments if:

gross income for 1999 or 2000 is from

PO BOX 942867

farming or fishing, the estate or trust may:

• The tax for 1999 (after subtracting withhold-

SACRAMENTO CA 94267-0031

ing and credits) was less than $200; or

• Pay the total estimated tax by January 16,

5. Keep a record of the payment.

• The tax for 2000 (after subtracting withhold-

2001; or

ing and credits) will be less than $200.

6. Fiscal-year filers: If you file your return

• File Form 541 for 2000 on or before

• It is a decedent’s estate for any tax year

on a fiscal-year basis, be sure to fill in the

March 1, 2001 and pay the total tax due.

ending before the date that is two years

month and year-end information at the top

In this case, estimated tax payments are

after the decedent’s death; or

of the voucher.

not due for 2000. Attach form FTB 5805F,

• It is a trust that was treated as owned by

Underpayment of Estimated Tax by

F Failure to Make Estimated Tax

the decedent and if the trust will receive the

Farmers and Fishermen, to the front of

Payments

residue of the decedent’s estate under the

Form 541.

will (or if no will is admitted to probate, the

If an estate or trust is required to make

Fiscal Year. If the estate or trust files its

trust primarily responsible for paying

estimated tax payments and does not, or if it

return on a fiscal year basis, the due dates will

debts, taxes, and expenses of administra-

underpays any installment, a penalty will be

be the 15th day of the 4th, 6th, and 9th

tion) for any tax year ending before the

assessed (with certain exceptions) for that

months of the fiscal year and the first month

date that is two years after the decedent’s

portion of estimated tax that was underpaid

of the following fiscal year. If the due date is

death.

from the due date of the installment to the

a Saturday, Sunday, or legal holiday, use the

date of payment or the due date of the tax

Limit on the Use of Prior Year’s Tax. Estates

next business day.

return, whichever is earlier. For more

and trusts with 1999 AGI greater than

information, get 1999 form FTB 5805.

$150,000 must figure estimated tax based

Form 541-ES Instructions

Page 27

(REV. 1999)

2000 Instructions For Form 541-Es

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