Get the free 2017 Estimated Tax Worksheet, Line 6a

2017 Estimated Tax Worksheet, Line 6a Phaseout of Itemized / Standard Deductions Worksheet 36 M.R.S. 5122(1)(JJ)TAXPAYER NAME: SSN: You must use this Worksheet to calculate the reduction of your standard

How to fill out 2017 estimated tax worksheet

How to fill out 2017 estimated tax worksheet?

1. Gather essential information: Collect all necessary documents such as previous year's tax return, income statements, and records of any estimated tax payments made.
2. Calculate expected income: Estimate your total income for the year by including wages, self-employment earnings, interest, dividends, and any other sources of income.
3. Determine deductions and credits: Identify any deductions or credits that you may be eligible for, such as business expenses, education credits, or healthcare deductions.
4. Estimate taxable income: Subtract your deductions and credits from your expected income to calculate your estimated taxable income.
5. Calculate estimated tax: Use the IRS tax tables or the tax rate schedule to determine the amount of tax owed on your estimated taxable income.
6. Account for withholding and estimated payments: Include any taxes already withheld from your paychecks or estimated tax payments made throughout the year.
7. Complete the worksheet: Use the 2017 estimated tax worksheet provided by the IRS to enter your calculations and arrive at the estimated tax amount owed.
8. Make payment or adjustment: If you owe taxes, submit the estimated tax payment with the worksheet. If your estimated tax payments exceed the amount owed, adjust your future estimated tax payments accordingly.
9. Retain records: Keep records of your estimated tax payments and completed worksheets for future reference and potential tax audits.

Who needs 2017 estimated tax worksheet?

1. Self-employed individuals: Those who earn income from self-employment, whether as a freelancer, contractor, or business owner, should use the estimated tax worksheet to calculate their tax liability.
2. Individuals with significant additional income: If you receive income from investments, rental properties, or other sources beyond regular employment, using the estimated tax worksheet can help determine your tax liability accurately.
3. Those with complex financial situations: If you have multiple income sources, receive income from several different states, or have other intricate financial scenarios, the estimated tax worksheet can assist in calculating your estimated tax payments effectively.
4. Individuals expecting significant changes in income: If you anticipate a substantial increase or decrease in income during the tax year, using the estimated tax worksheet can help ensure your estimated tax payments align with your expected tax liability.

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What is estimated tax worksheet line?

The estimated tax worksheet line is a section of the tax form used to calculate the amount of estimated tax that should be paid throughout the year.

Who is required to file estimated tax worksheet line?

Individuals who expect to owe a certain amount of tax for the current tax year are required to file the estimated tax worksheet line.

How to fill out estimated tax worksheet line?

To fill out the estimated tax worksheet line, you need to gather information about your income, deductions, and credits for the year and use that information to calculate your estimated tax liability.

What is the purpose of estimated tax worksheet line?

The purpose of the estimated tax worksheet line is to help individuals determine how much tax they should pay throughout the year to avoid underpayment penalties.

What information must be reported on estimated tax worksheet line?

The estimated tax worksheet line requires information on income, deductions, credits, and other relevant tax information for the current tax year.