Schedule G—Tax Computation
|2012 Tax Rate Schedule|
|If taxable income is:|
|Over—||But not over—||Its tax is:||Of the amount over—|
|2,400||5,600||$360.00 + 25%||2,400|
|5,600||8,500||1,160.00 + 28%||5,600|
|8,500||11,650||1,972.00 + 33%||8,500|
|11,650||-----||3,011.50 + 35%||11,650|
A net capital gain and any taxable income, or
Qualified dividends on line 2b(2) of Form 1041 and any taxable income.
You must reduce the amount you enter on line 2b(2) of Form 1041 by the portion of the section 691(c) deduction claimed on line 19 of Form 1041 if the estate or trust received qualified dividends that were IRD.
The estate or trust must complete Schedule B.
The estate or trust claims a credit on line 2b, 2c, or 2d of Schedule G.
The estate's or trust's share of alternative minimum taxable income (line 29 of Schedule I (Form 1041)) exceeds $22,500.
|Caution: Do not use this worksheet if the estate or trust must complete Schedule D (Form 1041).||
|1.||Enter the amount from Form 1041, line 22||1.|
|2.||Enter the amount from Form 1041, line 2b(2)||2.|
|3.||If you are claiming investment interest expense on Form 4952, enter the amount from line 4g; otherwise enter -0-||3.|
|4.||Subtract line 3 from line 2. If zero or less, enter -0-||4.|
|5.||Subtract line 4 from line 1. If zero or less, enter -0-||5.|
|6.||Enter the smaller of the amount on line 1 or $2,400||6.|
|7.||Is the amount on line 5 equal to or more than the amount on line 6?|
|Skip lines 7 and 8; go to line 9 and check the "No" box.|
|Enter the amount from line 5||7.|
|8.||Subtract line 7 from line 6||8.|
|9.||Are the amounts on lines 4 and 8 the same?|
|Skip lines 9 through 12; go to line 13.|
|Enter the smaller of line 1 or line 4||9.|
|10.||Enter the amount from line 8 (if line 8 is blank, enter -0-)||10.|
|11.||Subtract line 10 from line 9||11.|
|12.||Multiply line 11 by 15% (.15)||12.|
|13.||Figure the tax on the amount on line 5. Use the 2012 Tax Rate Schedule||13.|
|14.||Add lines 12 and 13||14.|
|15.||Figure the tax on the amount on line 1. Use the 2012 Tax Rate Schedule||15.|
|16.||Tax on all taxable income. Enter the smaller of line 14 or line 15 here and on Sch. G, line 1a||16.|
Attach Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), if you elect to claim credit for income or profits taxes paid or accrued to a foreign country or a U.S. possession. The estate or trust may claim credit for that part of the foreign taxes not allocable to the beneficiaries (including charitable beneficiaries). Enter the estate's or trust's share of the credit on line 2a. See Pub. 514, Foreign Tax Credit for Individuals, for details.
Enter on line 2b the estate's or trust's total general business credit allowed for the current year from Form 3800. The estate or trust must file Form 3800 to claim any of the general business credits. Generally, if the estate's or trust's only source of a credit is from a pass-through entity and the beneficiary is not entitled to an allocable share of a credit, you are not required to complete the source form for that credit. However, certain credits have limitations and special computations that may require you to complete the source form. See the Instructions for Form 3800 for more information.
An estate or trust that paid AMT in a previous year may be eligible for a minimum tax credit in 2012. See Form 8801, Credit for Prior Year Minimum Tax—Individuals, Estates, and Trusts.
Complete and attach Form 8912, Credit to Holders of Tax Credit Bonds, if the estate or trust claims a credit for holding a tax credit bond. Also, be sure to include the credit in interest income.
To claim a credit allowable to the estate or trust other than the credits entered on lines 2a through 2d, include the allowable credit in the total for line 3. Complete and attach the appropriate form and write the form number and amount of the allowable credit on the dotted line to the left of the entry space.
If any of the following apply, get Schedule H (Form 1040), Household Employment Taxes, and its instructions, to see if the estate or trust owes these taxes.
The estate or trust paid any one household employee cash wages of $1,800 or more in 2012. Cash wages include wages paid by checks, money orders, etc. When figuring the amount of cash wages paid, combine cash wages paid by the estate or trust with cash wages paid to the household employee in the same calendar year by the household of the decedent or beneficiary for whom the administrator, executor, or trustee of the estate or trust is acting.
The estate or trust withheld federal income tax during 2012 at the request of any household employee.
The estate or trust paid total cash wages of $1,000 or more in any calendar quarter of 2011 or 2012 to household employees.
See Amended Schedule H (Form 1040) under F. Initial Return, Amended Return, etc., earlier for information on filing an amended Schedule H (Form 1040) for a Form 1041.
See Electing Small Business Trusts (ESBTs), earlier, for the special tax computation rules that apply to the portion of an ESBT consisting of stock in one or more S corporations.
To the left of the entry space, write “From Form 8697” and the amount of interest due.