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Changes to 2005 Forms

1999 Updates to Form 541 ES

Revision Date: 06/03/2005

Revision Details: Form 541-ES Instructions on page 1 and page 2 of the flat, pages 330 and 331 of the Package X, and pages 34 and 35 of the Fiduciary Income Tax Booklet.

  • 2005 Form 541-ES Instructions, column 1, What's New section

It should read:

What's New

Proposition 63, approved by voters on November 2, 2004, enacted the Mental Health Services Act, which imposes an additional 1% tax on taxable incomes over $1,000,000.

  • 2005 Form 541-ES Instructions, column 2

It should read:

Mental Health Services Tax.

If the estate's or trust's taxable income is more than $1,000,000, compute the Mental Health Services tax below.

A. Taxable Income from form 541 line
20 .................................______________ B. Less:
...................................................................................$(1,000,000)
_
C. Subtotal ...............................................................................____x .01______
E. Mental Health Services Tax - Enter this amount on line 10
   of the 2005 Estimated tax Worksheet on the next
page............______________

  • 2005 Form 541-ES Instructions, page 2, Estimated Tax Worksheet, line 10

It should read:

Mental Health Services Tax from page 1

This could have a tax impact to taxpayers.
The revised internet version is available for download.


2005 Updates to Form 541 ES

Revision Date: 05/11/2005

Revision Details: Form 541-ES Instructions, Side 1 and Side 2, pages 34 and 35 of the Fiduciary Income Tax Booklet, and pages 330 and 331 of the Package X.

  • 2005 Form 541-ES, worksheet, line 11b

It should read:

Enter 100% of the tax shown on your 2004 Form 541, line 27, or 110% (1.10) of that amount if the estate's or trust's AGI on the 2004 return is more than $150,000, and if less than 2/3 of gross income for 2004 or 2005 is from farming or fishing......

  • 2005 Form 541-ES Instructions, column 1, What's New section

It should read:

What's New

Effective for 2005, Alternative Minimum Tax (AMT) is not included in the calculation of estimated tax.

  • 2005 Form 541-ES Instructions, column 1, Who Must Make Estimated Tax Payments Section, paragraph 2

It should read:

Generally, the required estimated tax amount is based on the lesser of 90% of the current year's tax or 100% of the prior year's tax including AMT, or 110% of that amount if the estate's or trust's AGI on the 2004 return is more than $150,000.

The revised internet version is available for download.


2005 Updates to Form 541 ES

Revision Date: 04/28/2005

Revision Details: Form 541-ES Instructions, page 1, page 34 of the Fiduciary Income Tax Booklet, and page 331 of the Package X.

  • 2005 Instructions, column 1

It should read:

What's New

Effective for 2005, Alternative Minimum Tax (AMT) is now included in the calculation of estimated tax.

The revised internet version is available for download.

Back to Tax Form Changes for 2005