Get the free 2016 Form 1040-ES - Yale University

EXAMPLE A: U.S. GRADUATE STUDENT WITH TUITION FELLOWSHIP AND STIPEND 2016 Estimated Tax Worksheet Keep for Your Records 27,350. . . 1 00 6,300 00 21,050 00 4,050 17,000 00 00 6 7 2,086 00 0 00 8 9

How to fill out 2016 form 1040-es

How to fill out 2016 Form 1040-ES:

1. Gather the necessary information: Before starting to fill out the form, make sure you have all the required information handy. This includes your personal information, such as your name, social security number, and address, as well as details about your estimated income and tax liability for the year.
2. Calculate your estimated tax liability: To accurately fill out Form 1040-ES, you need to estimate your tax liability for the year. This involves forecasting your income and deductions, considering any changes that may have occurred during the year, and factoring in relevant tax credits or adjustments to arrive at a reasonable estimate.
3. Determine the payment schedule: The form is used to make quarterly estimated tax payments, so you need to decide on the payment schedule that suits your needs. You can choose to make equal payments each quarter or use the annualized income installment method if your income fluctuates throughout the year. The form provides instructions on how to calculate the amount you should pay for each quarter.
4. Fill in your personal information: Start by filling in your name, address, and social security number in the designated sections of the form. This helps identify you and ensure accurate processing of your payment.
5. Provide income and tax information: Report your estimated income, deductions, exemptions, and credits in the relevant sections of the form. It is crucial to be thorough and accurate when providing this information, as errors or omissions may lead to underpayment or penalties.
6. Calculate your estimated tax due: Using the provided worksheets or tax tables, calculate your estimated tax liability for each payment period. This will help you determine the amount you should pay each quarter.
7. Make the necessary calculations: Based on the payment schedule you chose, calculate the total amount due for each quarter. This will typically involve adding up the estimated tax for each period and applying any adjustments or credits.
8. Complete the payment voucher: The form provides payment vouchers for each quarterly payment. Fill in the total amount due for the specific quarter and include it with your payment. Ensure that you detach the voucher along the perforated line before sending in your payment.

Who needs 2016 Form 1040-ES:

1. Self-employed individuals: If you are self-employed and expect to owe at least $1,000 in federal income tax for the year, you need to complete Form 1040-ES to make estimated tax payments.
2. Individuals with significant investment income: If you have significant investment income, such as interest, dividends, or capital gains, and expect to owe at least $1,000 in federal income tax after accounting for withholding and credits, you should use Form 1040-ES to make estimated tax payments.
3. Individuals with other sources of taxable income: Even if you don't fall into the above categories, you may still need to fill out Form 1040-ES if you have other sources of taxable income, such as rental income, unemployment compensation, or alimony, and expect to owe at least $1,000 in federal income tax after accounting for withholding and credits.

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