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by Roger Chartier


Form 1040-es

This is a current form for the "Estimated Tax For Individuals."

Print a current 1040-ES form here.

This form helps us to pay the estimated tax that we think we will owe at the end of the year.

None of the money paid (usually it is paid quarterly) is money that is not taken out in advance by a withholding method.

An example is what your boss would do with your paycheck in a regular employment situation where you filed a W4 form in advance, and the withholding is taken out weekly.

 

 

Some of the rules

Usually you will have to pay an estimated tax.
As an example, if in the year 2013, you would owe at least $1,000 for that year.
Your refundable credits and withholding would be the smaller of 90% shown on the return, 100% of the tax from the total previous year.

There are "Special Rules" to be found for farmers, fishermen, or those who earn a lot of money. There are some exceptions discussed on the form's top section.

These estimated taxes are paid, when?

Usually four times in a year. The dates are roughly segmented apart for each payment.
One year's form stated the dates of April 15, June 17, September 16, and January 15.

The dates are changed on some new forms from time to time, and the current year form will have the correct pay by dates for you.

There are quite a bit of details on the forms instructional section

Some section headings are titled:

  1. Special Rules

  2. Farmers and Fishermen

  3. Household Employers

  4. Increase Your Withholding

  5. Additional information you may need

  6. Additional Medicare Tax

  7. Net Investment Income Tax

  8. Medical and Dental Expenses

  9. Income Limits for Excluding Education Savings Bond Interest Increased

  10. Foreign Earned Income Exclusion

  11. Standard Deduction

  12. Personal Exemption Amount ...

  13. AMT - Alternative Minimum Tax

  14. Limitation on Itemized Deductions

  15. EIC - Earned Income Credit

  16. And a lot more information that you really should read unless you feel that you already understand where you stand for the current year's tax situation.

This form is eleven pages long and ...

Pages one through six are instructional. Page seven starts with a "Self Employment Tax and Deduction Worksheet...."
It then goes back into instructions until pages nine through page 11 that are the form itself.


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