Get the free PART 1: ESTIMATED TAX REQUIRED

Underpayment of Estimated Tax by ... Part I Required Annual Payment. 1 Enter your 2017 tax after credits from Form 1040, line 56 (see instructions if not filing ...

How to fill out part 1 estimated tax

How to fill out part 1 estimated tax

1. Gather all necessary documents and information such as your income statements, deductions, and credits.
2. Download or obtain the appropriate version of Form 1040-ES, which is the IRS form for estimated tax payment.
3. Fill out Part 1 of Form 1040-ES by providing your personal information such as your name, Social Security number, and address.
4. Calculate your estimated tax using the provided worksheet and instructions on Form 1040-ES. This includes estimating your annual income, deductions, and credits.
5. Determine the amount of tax you will owe during the year by referring to your previous year's tax return or using the IRS withholding calculator.
6. Subtract any expected withholding from your income, such as income tax withheld from your job or estimated tax paid from any other sources.
7. Calculate the estimated tax due for each payment period using the provided worksheet on Form 1040-ES.
8. Fill out the payment voucher provided on Form 1040-ES for each payment period with the calculated estimated tax amount.
9. Write a check or money order payable to the United States Treasury for the amount indicated on each payment voucher.
10. Mail the completed payment vouchers and payment to the designated IRS address for your state.
11. Keep a copy of the filled-out Form 1040-ES, payment vouchers, and payment receipts for your records.

Who needs part 1 estimated tax?

1. Anyone who has income that is not subject to withholding tax may need to fill out Part 1 of estimated tax.
2. Self-employed individuals, freelancers, and independent contractors often need to make estimated tax payments.
3. If you earn income from rental properties, investments, or other sources without withholding, you may need to pay estimated tax.
4. Individuals with substantial amounts of income from investments or self-employment usually need to file estimated tax.
5. Those who expect to owe $1,000 or more in tax after subtracting their withholding and refundable credits may need to file estimated tax.
6. Certain groups such as farmers, fishermen, and fiscal year taxpayers may have additional requirements for estimated tax.

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What is part 1 estimated tax?

Part 1 estimated tax is a portion of an individual's total tax liability that is paid in installments throughout the year.

Who is required to file part 1 estimated tax?

Individuals who expect to owe a certain amount of tax at the end of the year and do not have enough tax withheld from their income are required to file part 1 estimated tax.

How to fill out part 1 estimated tax?

Part 1 estimated tax can be filled out using Form 1040-ES provided by the IRS. It requires taxpayers to estimate their total income, deductions, and credits for the year.

What is the purpose of part 1 estimated tax?

The purpose of part 1 estimated tax is to ensure that taxpayers pay a portion of their tax liability throughout the year, rather than in one lump sum at the end of the year.

What information must be reported on part 1 estimated tax?

Part 1 estimated tax requires taxpayers to report their estimated total income, deductions, credits, and tax liability for the year.