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I have an estate that has some controversial creditor claims and has not received a closing letter yet. I've just finished the income tax return for it (fiscal year end of 8/31/06). Starting 9/1/06, the estate is entering it's third year and estimated taxes will need to be paid.
My question is do I make payments on the due dates for a calendar year return (ie 9/15/06, 1/15/07, 4/15/07, and 6/15/07 or do I space them out the same number of months they are spaced out for a calendar return. In other words the first payment is 3.5 months after the start of the year (12/15/06) the second payment would be due 5.5 months after the start (2/15/07) and so on.
It looks like in the directions for the 1041-ES that it stays on the same dates as the calendar year return, but the wording is very vague.
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| After reviewing the California instructions it appears that you do four equal installments on the 15th day of the 4th, 6th, and 9th months of the fiscal year and the 1st month of the following tax year. The federal instructions appear to say the same, but the directions aren't as clear.
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| Fiduciaries must pay the first installment of estimated tax on or before the 15th day of the fourth month of the current fiscal tax (fiscal) year, the second installment on or before the 15th day of the sixth month, the third installment on or before the 15th day of the nonth month, and the final installment on or before the 15th day of the month following the close of the tax year.
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