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Video instructions and help with filling out and completing Fill 1041 Schedule I 2024

Instructions and Help about Fill 1041 Schedule I 2024

Laws.com legal forms guide estimates income tax for estates and trusts using form 1041-ES. - The fiduciary responsible for managing an estate or trust is typically in charge of filing estimated tax payments on an annual basis. - The estimated income tax for estates and trusts form can be obtained from the IRS website or their offices. - This particular form is for the tax year 2012. - To complete the form, start with page 5 which includes the estimated tax worksheet. - Enter the adjusted total income expected for the tax year on the worksheet. - In step three, include income distribution and estate tax deductions, as well as any exemptions, except for qualified funeral trusts. - Every estate and trust is given some form of exemption. Refer to the instructions to determine your specific exemption. - In step 4, input the estimated tax amount from the tax schedule at the bottom of the page. Apply any applicable credits mentioned in the instructions and subtract them from your estimated tax schedule rate. Also, calculate and note any further subtractions and deductions, including any withheld income tax payments already made. - Proceed to page 4 and enter the taxable income amount determined from line six on page five. - Complete all necessary steps for subtracting various credits and multiplying taxable income, following the instructions. This will result in a different tax amount that must be paid. Enter the lesser of the two calculated taxes on line 31. - If you plan to make a payment of estimated tax with your form, attach the vouchers and fill out your name, the name and address of the estate, and indicate the size of the payment being submitted. - Finally, submit the form along with a check or money order, if applicable, to the address listed in the instructions. For more videos, visit laws.com.