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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 answer is that gifts are not taxable. From 2007 the trust should have paid tax on dividends and interest and capital gains. When you roll over you will start getting those bills for the income. Unless these are retirement funds you should not have to pay a tax on the balance.