Estimated Income Tax for Estates and Trusts Revision Date 01/07/2022

• Legal Form Number: 1041-ES
• Year: 2024
• Issuer: Treasury Department
• Section: Treasury Department

2024

Form 1041-ES

Estimated Income Tax for Estates and Trusts

Department of the Treasury

Internal Revenue Service

OMB No. 1545-0971

Section references are to the Internal

Revenue Code unless otherwise noted.

Future Developments

For the latest information about

developments related to Form 1041-ES

and its instructions, such as legislation

enacted after they were published, go to

www.irs.gov/Form1041ES.

What’s New

Capital gains and qualified dividends.

The maximum tax rate for long-term

capital gains and qualified dividends is

20%. For tax year 2024, the 20% rate

applies to amounts above $15,450. The

0% and 15% rates continue to apply to

amounts below certain threshold

amounts. The 0% rate applies to

amounts up to $3,150. The 15% rate

applies to amounts between the two

thresholds.

Purpose of Form

Use this package to figure and pay

estimated tax for an estate or trust.

Estimated tax is the amount of tax an

estate or trust expects to owe for the

year after subtracting the amount of any

tax withheld and the amount of any

credits.

This package is primarily for first-time

filers. After the IRS receives the first

payment voucher, the estate or trust will

receive a 1041-ES package with the

name, address, and employer

identification number (EIN) preprinted on

the vouchers for the next tax year. Use

the preprinted vouchers unless the

Electronic Federal Tax Payment System

(EFTPS) is used. If you, as fiduciary,

didn’t receive any 2024 preprinted

vouchers, use the vouchers in this

package. However, don’t use the

vouchers to notify the IRS of a change of

address. If the fiduciary has moved,

complete Form 8822-B, Change of

Address or Responsible Party —

Business.

Who Must Make Estimated

Tax Payments

Generally, a fiduciary of an estate or trust

must pay estimated tax if the estate or

trust is expected to owe, after

subtracting its withholding and credits,

at least $1,000 in tax for 2024 and can

expect its withholding and credits to be

less than the smaller of:

1. 90% of the tax shown on the 2024

tax return (662/3% of the tax if the estate

or trust qualifies as a farmer or

fisherman); or

2. The tax shown on the 2023 tax

return (110% of that amount if the

estate’s or trust’s adjusted gross income

(AGI) on that return is more than

$150,000, and less than 2/3 of gross

income for 2023 and 2024 is from

farming or fishing).

However, if a return wasn’t filed for

2023 or that return didn’t cover a full 12

months, item (2) above doesn’t apply.

For this purpose, include household

employment taxes when figuring the tax

shown on the tax return, but only if:

• The estate or trust will have federal

income tax withheld from any income, or

• The estate or trust would be required

to make estimated tax payments (to

avoid a penalty) even if it didn’t include

household employment taxes when

figuring its estimated tax.

Exceptions. Estimated tax payments

aren’t required from:

1. An estate of a domestic decedent or

a domestic trust that had a full 12-month

2023 tax year and had no tax liability for

that year;

2. A decedent’s estate for any tax year

ending before the date that is 2 years

after the decedent’s death; or

3. A trust that was treated as owned

by the decedent if the trust will receive

the residue of the decedent’s estate

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

probate, is the trust primarily responsible

for paying debts, taxes, and expenses of

administration) for any tax year ending

before the date that is 2 years after the

decedent’s death.

How To Figure Estimated

Tax

Use the 2024 Estimated Tax Worksheet

and 2024 Tax Rate Schedule, later, and

the estate’s or trust’s 2023 tax return

and instructions as a guide for figuring

the 2024 estimated tax.

If the estate or trust receives its

income unevenly throughout the year, it

may be able to lower or eliminate the

amount of its required estimated tax

payment for one or more periods by

using the annualized income installment

method. See Pub. 505, Tax Withholding

and Estimated Tax, for details.

Instructions for 2024

Estimated Tax Worksheet

Line 4. Exemption

Decedents’ estates. A decedent’s

estate is allowed a $600 exemption.

Trusts required to distribute all

income currently. A trust whose

governing instrument requires that all

income be distributed currently

is allowed a $300 exemption, even if it

distributed amounts other than income

during the tax year.

Qualified disability trusts. A qualified

disability trust is allowed a $5,000

exemption. This amount is not subject to

phaseout.

A qualified disability trust is any trust:

1. Described in 42 U.S.C. 1396p(c)(2)

(B)(iv) and established solely for the

benefit of an individual under 65 years of

age who is disabled, and

2. All of the beneficiaries of which are

determined by the Commissioner of

Social Security to have been disabled for

some part of the tax year within the

meaning of 42 U.S.C. 1382c(a)(3).

A trust won’t fail to meet (2) above just

because the trust’s corpus may revert to

a person who isn’t disabled after the

trust ceases to have any disabled

beneficiaries.

Cat. No. 63550R