Department of the Treasury Internal Revenue Service Form 1040-ES Estimated Tax for Individuals Purpose of This Package Farmers and fishermen. If at least two-thirds of your gross income for 2018 or 2019 is from farming or fishing substitute 662/3 for 90 in 2a under General Rule. When making payments of estimated tax be sure to take into account any 2018 overpayment that you choose to credit against your 2019 tax but don t include the overpayment amount in this box. Make your check or money...
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Who Needs Form 1040-ES?

Form 1040-ES is Estimated Tax for Individuals. It is created for self-employed individuals, small business owners, freelancers and independent contractors. These are individuals who rarely have income tax withheld from their earnings and those who satisfy the following criteria:

  • You’re expected at least $1,000 in tax for the current year
  • The estimated withholding and credits are less than 90% of the tax expected or 100% of the whole tax liability recorder in the return for the previous year.

A taxpayer doesn’t have to pay estimated taxes if:

  • They were not asked to pay taxes for the previous year
  • They were US citizens or residents in the previous tax year
  • The previous tax year was no less than 12-month long.

What is Form 1040-ES for?

Form 1040-ES aims to make estimated tax payments to the IRS for the current year. Besides income earned as a result of freelance work, there are other income categories that require estimated tax payment. They are as follows: dividends, rent, retirement benefits, unemployment compensation, etc. Since estimated tax must be calculated for the current year, it is easy to make a mistake and enter wrong numbers. Such mistake in its turn may result in underpayment and penalty. To avoid confusion when calculating estimated tax, it is recommended that a taxpayer follow previous year’s taxes.  

Is Form 1040-ES Accompanied by Other Forms?

Form 1040-ES is accompanied by the estimated tax payment voucher in case the payment is done by the money order or paycheck.

When is Form 1040-ES Due?

Estimated payment is made four times a year according to the following schedule:

  • 15th of April for the income earned from the 1st of January till the 31st of March
  • 15th of June for the income earned from the 1st of April till the 31st of May
  • 15th of September for the income earned from the 1st of June till the 31st of August
  • 15th of January for the income earned from the 1st of September till the 31st of December.

How Do I Fill out Form 1040-ES?

Form 1040-ES consists of twelve pages including instructions and worksheets that aren’t sent anywhere. A filer must keep them for the records. The main information about estimated tax is provided in the payment voucher. A filer must enter their name, address, SSN  and a spouse’s SSN.  

Where Do I Send form 1040-ES?

First, enter the name of the form and the current year on the money order or pay check. Then mail the payment voucher to the address that corresponds to the place where you live.

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Instructions and Help about 2017 1040 es estimated tax form

Laws calm legal forms guide form 1040 - AES is a United States Internal Revenue Service tax form used as an estimated tax payment voucher the form includes four separate vouchers Alduin quarterly filings throughout the year the form 1040 - es is used for self-employed workers who do not have enough income tax withheld the form 1040 - es can be obtained through the IRS a--'s website or by obtaining the documents through a local tax office the tax form is to be filed by the taxpayer in quarterly installments for separate tax vouchers are included in the form with each needing to be filed by the specified due date before filling out a quarterly voucher you should use the tax worksheet provided with the form go line by line through the worksheet and enter your best estimation of the numbers asked for example line 1 requires your expected gross income for the entire 2011 tax year follow the instructions of each line double checking that your numbers are accurate once completed you should have a payment that you will use for your tax voucher you can use this same worksheet for each of your four vouchers find the tanks voucher for the quarter in which you are filing your form 1040 - es the vouchers are numbered one through four with one being the first quarter of the tax year and four being the fourth quarter of the tax year fill in your name and social security number in the top boxes of the form if you are filing a joint filing include your spouse's name and social security number in the second line put your contact information in the next set of boxes including your complete address in the top right box put your estimated tax you are paying for the quarter that you determined by using the worksheet for each voucher attach a check or money order for the amount of tax you are paying continue this for each quarter during the taxable year you should also keep a record in the tax log provided with the form 1040 - es to watch more videos please make sure to visit laws comm