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

IssuerTreasury Department
SectionTreasury 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

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