What is the tax rate for estates and trusts?

In Washington, the tax rate for estates and trusts is determined by a number of factors. Generally, the rate is based on the amount of income that an estate or trust generates. The rate can range from zero to thirty-five percent, depending on the amount of income and other factors. For estates and trusts that have income of less than $2,000, the tax rate is zero. For those that have income between $2,000 and $4,999, the tax rate is three percent. For trusts and estates that have income between $5,000 and $14,999, the tax rate is twenty-six percent. For trusts and estates that have over $15,000 in income, the tax rate is thirty-five percent for all income over the $15,000 threshold. In addition to the income tax on estates and trusts, there may be other taxes, such as state inheritance tax or gift tax. When it comes to estate and trust taxes, it is important to contact a qualified tax professional to help make sure all the paperwork is done correctly and the proper amount of tax is paid. This is especially important when dealing with large estates and trusts, as the wrong calculations can result in substantial penalties and fines.

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What is the tax rate for estates and trusts?

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