IT 2005-01 Personal Income Tax Division, August, 2005
Trusts: Estimated Income Tax Payment Due September 15, 2005
Any trust that continues or is now subject to the Ohio income
tax as a result of the recent passage of Am. Sub. House Bill
66 (the budget bill) need not make any taxable year 2005
estimated quarterly income tax payments until the third
quarter payment is due, September 15, 2005.
Any and all taxable year 2005 estimated quarterly payments
that would have otherwise been due prior to September 15th
2005 are now not due until September 15, 2005. In
general, this requires that 67.5% of the tax liability be
paid prior to September 15th 2005. Please click here for the estimated payment form and
worksheet.
The law requires trusts residing in whole or in part in Ohio
or earning or receiving income in Ohio to continue to pay
Ohio income tax on undistributed (retained) income. The
basis of the tax is federal taxable income with various
adjustments as specified in the Ohio Revised Code (R.C.)
section 5747.01(S) as amended. The trust-related provisions
of this bill include amendments to R.C. 5747.01 and
5747.02. R.C. section 5747.09(C) requires trusts with
annual tax exceeding $500 to make estimated quarterly income
tax payments.
If you have any questions regarding this matter, please
contact the Department’s Pass-Through Entity Tax section at
614-438-5317 (after September 15, 2005 at 614-387-0234) or
e-mail your questions to us via our home page at
tax.ohio.gov .