A tax year is chosen when the first fiduciary return is filed. The 15th day of the 4th month following the close of the tax year. Fiscal year beginning in 1999, and ending in 2000. Fiscal year beginning and ending in 2000, if the 2000 form is not available by the due date for the return. Use year 2000 tax rates and incorporate any law changes.
Beneficiaries report income in the tax year in which the trust or estate year ends.
Estimated payments are only required for tax years ending two or more years after the decedent s death. Estimated payments are not required if the entity had no tax liability for the full 12-month 1999 tax year. Safe harbor rules similar to those for individuals apply to estates and trusts. File Form 1041-T by the 65th day after the close of the tax year. An additional 3-month extension may be granted with a second Form 2758.