Start studying Digestive System (anatomy of alimentary canal). Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Estimated Income Tax. Trusts that earn income must pay estimated tax payments during the year. These payments are due on April 15, June 15, September 15 and January 15 for calendar year trusts. Calculate the estimated payments on IRS Form 1041ES. The instructions for this form provide complete detail about how to pay this tax.
The trust must also pay tax on any income it receives over $600, or if all its income is not passed on or distributed to beneficiaries. For example, if the trust earned $30,000 over the course of the year, and if it paid out $25,000, the IRS isn't going to turn a blind eye to that additional $5,000.