All trust income is going to the beneficiary, so who must pay estimated tax

[notacpa99]

I received all trust income (cap gains and dividends) at end of year 2016. The trust did not make any estimated quarterly tax payments during the year, and neither did I.  If there is a penalty from IRS for not making est. payments, who is responsible for paying, the trust or me?

[Anonymous_ · Accepted solution]

" If there is a penalty from IRS for not making est. payments, who is responsible for paying, the trust or me?"

You are responsible since the trust distributed the income to you rather than retained the income. 

However, note that you will not owe a penalty provided you wind up owing:

less than $1,000 in tax after subtracting your withholdings and credits, or if you paid at least 90% of the tax for the current year, or 100% of the tax shown on the return for the prior year

See https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes