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This document provides instructions for individuals to calculate and pay their estimated taxes, specifically for the tax year 1998. It includes information on who must make estimated tax payments,

How to fill out 1040-es

How to fill out 1040-ES

1. Obtain Form 1040-ES from the IRS website or your local tax office.
2. Fill out your name, address, and Social Security number at the top of the form.
3. Calculate your estimated tax for the year using Worksheet 1 provided in the instructions.
4. Divide the total estimated tax by four to determine your quarterly estimated tax payments.
5. Enter the amount for each quarter in the appropriate boxes on the form.
6. Review your calculations to ensure accuracy.
7. Mail the completed form along with your payment, if applicable, to the appropriate IRS address listed in the instructions.

Who needs 1040-ES?

1. Self-employed individuals who do not have taxes withheld from their income.
2. Individuals with income from freelance work or side jobs.
3. People who have significant investment income.
4. Certain retirees who have income not subject to withholding.
5. Taxpayers who expect to owe $1,000 or more when filing their tax return.

People Also Ask about

How do I get my underpayment penalty waived?

To request a waiver when you file, complete IRS Form 2210 and submit it with your tax return. With the form, attach an explanation for why you didn't pay estimated taxes in the specific time period that you're requesting a waiver for. Also attach documentation that supports your statement.

Why am I getting an underpayment penalty if I'm getting a refund?

tax refund but with penalty? The IRS levies underpayment penalties if you don't withhold or pay enough tax on income received during each quarter. Even if you paid your tax bill in full by the April deadline or are getting a refund, you may still get an underpayment penalty.

What triggers the IRS underpayment penalty?

If you didn't pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax.

Why is there a 1040 ES on my tax return?

Individuals, including sole proprietors, partners, and S corporation shareholders, generally use Form 1040-ES, to figure estimated tax. Nonresident aliens use Form 1040-ES(NR) to figure estimated tax.

What causes an IRS underpayment penalty?

If you didn't pay enough tax throughout the year, either through withholding or by making estimated tax payments, you may have to pay a penalty for underpayment of estimated tax.

What are the requirements for the underpayment penalty?

Taxpayers must generally pay at least 90% of their taxes due during the previous year to avoid an underpayment penalty. The fine can grow with the size of the shortfall. Taxpayers can consult IRS instructions for Form 2210 to determine whether they're required to report an underpayment and pay a penalty.

What is a 1040 E?

Use Schedule E (Form 1040) to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits (REMICs).

What happens if I don't pay 1040 ES?

What if I don't pay? You could end up owing the IRS an underpayment penalty in addition to the taxes that you owe. The penalty will depend on how much you owe and how long you have owed it to the IRS. Result: You might have to write a larger check to the IRS when you file your return.

For pdfFiller’s FAQs

What is 1040-ES?

Form 1040-ES is a tax form used by individuals to calculate and pay estimated tax payments for the year.

Who is required to file 1040-ES?

Individuals who expect to owe tax of $1,000 or more when their return is filed, or those who expect their withholding to be less than 90% of the current year's tax or 100% of the previous year's tax.

How to fill out 1040-ES?

To fill out Form 1040-ES, gather your income projections, determine your estimated tax using the worksheet provided, and fill in the appropriate sections with your estimated tax and payment information.

What is the purpose of 1040-ES?

The purpose of Form 1040-ES is to help individuals estimate and pay their tax liabilities throughout the year to avoid penalties for underpayment.

What information must be reported on 1040-ES?

Form 1040-ES requires reporting of your estimated income, deductions, and credits that will determine your total estimated tax liability for the year.