Hawaii Form 1041-ES 2024

Hawaii Form 1041-ES: What You Should Know

Fiduciaries of trusts, estates, and other property in the hands of an individual fiduciary will pay a tax on the value of the trust property, on the basis of its fair market value (FMV). This is the “value” you would have if you sold the trust property for its FMV. To determine whether the value of the trust property is “fair market value,” calculate its FMV using Form 8829, which is available at the IRS website. You will have to enter the income of the trust in this calculation. Your fiduciary is not required to make any contribution to the trust (i.e., any contributions are made by you).

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