California Form 541-Es - Estimated Tax For Fiduciaries - 2014
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32014 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%
estimated payments.
B. ESBT taxable income from
2nd Quarter – 40%
Tax-exempt trusts and nonexempt charitable
Form 541 line 20b. . . . . . . . .
3rd Quarter –
0%
trusts described in IRC Section 4947(a)(1) should
4th Quarter – 30%
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 2014 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.
Pay the estimated tax payment by the dates
Use the Estimated Tax Worksheet on the next
B Who Must Make Estimated
shown below:
page and the 2013 Form 541 tax return as a guide
Tax Payments
1st Payment . . . . . . . . . . . . . . . . . . April 15, 2014
for figuring the 2014 estimated tax payment.
2nd Payment. . . . . . . . . . . . . . . . . . June 16, 2014
Generally, a fiduciary of an estate or trust must
There is a separate payment form for each due
3rd Payment . . . . . . . . . . . . . . . . . . September 15, 2014
make 2014 estimated tax payments if the estate
date. Use the form with the correct due date.
4th Payment . . . . . . . . . . . . . . . . . . January 15, 2015
or trust expects to owe at least $500 in tax for
Filing an Early Tax Return in Place of the 4th
Fill in Form 541-ES:
2014 (after subtracting withholding and credits).
Installment. If an estate or trust files its 2014 tax
1. Using black or blue ink, print the estate’s or
A fiduciary of an estate or trust is not required to
return by January 31, 2015, and pays the entire
trust’s name, the fiduciary’s name and title,
balance due, it does not have to make its last
make 2014 estimated tax payments if one of the
mailing address, and the estate’s or trust’s
following applies:
estimated tax payment.
federal employer identification number (FEIN)
Annualization Option. If the estate or trust does
• 100% of the tax shown on the 2013 tax return
in the space provided on Form 541-ES. Print all
including alternative minimum tax (AMT) was
not receive its taxable income evenly during the
names and words in CAPITAL LETTERS. If the
year, it may be to its advantage to annualize the
paid by withholding.
estate’s or trust’s name or address is too long
income. This method allows matching estimated
• 90% of the tax shown on the 2014 tax return
to fit in the provided spaces, do not shorten the
will be paid by withholding.
tax payments to the actual period when income
name or address. Instead, ignore the combed
was earned. Use the annualization schedule
• It is a decedent’s estate for any taxable year
lines and fit the information in the space
ending before the date that is two years after
included with 2013 form FTB 5805, Underpayment
provided.
the decedent’s death.
of Estimated Tax by Individuals and Fiduciaries.
Include the Private Mail Box (PMB) in the
• It is a trust that was treated as owned by
Farmers and Fishermen. If at least 2/3 of gross
address field. Write “PMB” first, then the box
the decedent and if the trust will receive the
income for 2013 or 2014 is from farming or
number. Example: 111 Main Street PMB 123.
residue of the decedent’s estate under the will
fishing, the estate or trust may apply one of the
2. Enter on the payment line of the form only the
(or if no will is admitted to probate, the trust is
following:
amount of the current payment. When making
primarily responsible for paying debts, taxes,
• Pay the total estimated tax by January 15, 2015.
payments of estimated tax, be sure to take into
and expenses of administration) for any taxable
• File Form 541, California Fiduciary Income Tax
account any previous year’s overpayment to
year ending before the date that is two years
Return, for 2014 on or before March 2, 2015,
be credited against the current year’s tax, but
after the decedent’s death.
and pay the total tax due. In this case,
do not include the overpayment amount in the
Required Annual Estimated Tax Payment
estimated tax payments are not due for 2014.
payment amount.
Enclose form FTB 5805F, Underpayment of
Adjusted Gross Income (AGI) $150,000 or less.
3. If part of the estimated tax is to be allocated
Estates and trusts required to make estimated tax
Estimated Tax by Farmers and Fishermen, with
to the beneficiaries per IRC Section 643(g),
payments and whose 2013 AGI is $150,000 or
Form 541.
enclose a copy of Form 541-T, California
less, must figure their estimated tax based on the
Fiscal Year Filers. If the estate or trust files
Allocation of Estimated Tax Payments for
lesser of 100% of the tax for 2013 or 90% of the
on a fiscal year basis, the due dates will be the
Beneficiaries, to Form 541-ES.
tax for 2014, including AMT. This rule does not
15th day of the 4th, 6th, and 9th months of the
4. Using black or blue ink, make a check or money
apply to farmers or fishermen.
fiscal year and the first month of the following
order payable to the “Franchise Tax Board.”
fiscal year. When the due date falls on a weekend
AGI greater than $150,000. Estates and trusts
Write the FEIN and “2014 Form 541-ES” on the
or holiday, the deadline to file and pay without
required to make estimated tax payments and
check or money order. Enclose, but do not staple
whose 2013 AGI is more than $150,000 must
penalty is extended to the next business day.
the payment with Form 541-ES and mail to:
figure their estimated tax based on the lesser of
Mental Health Services Tax. If the estate’s or
FRANCHISE TAX BOARD
110% of the tax for 2013 or 90% of the tax for
trust’s taxable income is more than $1,000,000,
PO BOX 942867
2014, including AMT. This rule does not apply to
compute the Mental Health Services Tax. Income
SACRAMENTO CA 94267-0008
farmers or fishermen.
from an Electing Small Business Trust (ESBT) is
Make all checks or money orders payable in
also subject to the Mental Health Services Tax.
AGI $1,000,000 or more. Estates and trusts with
U.S. dollars and drawn against a U.S. financial
a 2014 AGI equal to or greater than $1,000,000
institution.
must figure their estimated tax based on 90%
5. Keep a record of the payment.
of the tax for 2014. This rule does not apply to
farmers or fishermen.
6. Fiscal year filers: Fill in the month and
year-end information at the top of the form.
Form 541-ES Instructions 2013 Page 1
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