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Form 80-106-12-8-1-000 (Rev. 05/12) Mississippi Individual / Fiduciary Income Tax Voucher Instructions Who Must File Estimates Every individual taxpayer who does not have at least eighty percent (80%)

How to fill out must make estimated tax

How to fill out must make estimated tax:

1. Determine if you are required to make estimated tax payments: Before filling out the form, you need to understand if you are required to make estimated tax payments. Generally, individuals who expect to owe at least $1,000 in tax after subtracting any withholding and refundable credits must make estimated tax payments.
2. Gather necessary information: Collect all the relevant information needed to complete the form. This includes your income from all sources, deductions, credits, and any other applicable tax information. Make sure you have accurate records and documentation to support your figures.
3. Obtain Form 1040-ES: To fill out the estimated tax, you will need to use Form 1040-ES, also known as the Estimated Tax for Individuals. You can obtain this form from the IRS website or by visiting a local IRS office.
4. Calculate your estimated tax liability: Use the information you gathered in step 2 to estimate your tax liability for the current tax year. Consider factors such as changes in income, deductions, and credits. The IRS provides worksheets and tools to help you calculate your estimated tax liability accurately.
5. Determine the payment period: Estimated tax payments are typically made on a quarterly basis. You need to determine the payment periods for the tax year you are filing for. The payment due dates are usually April 15, June 15, September 15, and January 15 of the following year. Take note of these dates to ensure timely payments.
6. Fill out Form 1040-ES: Enter your personal information, such as your name, address, and Social Security number, at the top of the form. Follow the instructions provided on the form to accurately report your estimated income, deductions, and credits. You will also need to calculate your estimated tax liability for each payment period.
7. Make the payment: After completing Form 1040-ES, calculate the amount you need to pay for each payment period. You can pay electronically through the IRS website, by phone, or by mailing a check or money order, along with the payment voucher provided with Form 1040-ES. Ensure that you include your Social Security number and the tax year on your payment.

Who needs to make estimated tax payments:

1. Self-employed individuals: If you are self-employed and expect to owe $1,000 or more in taxes, you likely need to make estimated tax payments. Self-employed individuals do not have taxes withheld from their income like employees do, so estimated tax payments help them meet their tax obligations throughout the year.
2. Freelancers and gig workers: Similar to self-employed individuals, freelancers and gig workers receive income without any taxes withheld. If your income from these sources is substantial enough to result in a tax liability of $1,000 or more, you must make estimated tax payments.
3. Individuals with significant investment income: If you have substantial income from investments, such as dividends, interest, or capital gains, and expect to owe $1,000 or more in taxes, you may need to make estimated tax payments. This ensures that you meet your tax obligations on this non-wage income.
4. Retirees with taxable income: Even retirees can be required to make estimated tax payments if they have taxable income from sources such as pensions, annuities, or Social Security benefits, and it is expected to exceed $1,000 in tax liability.

Remember, it's important to consult with a tax professional or refer to IRS guidelines to ensure you are accurately filling out the must-make estimated tax forms based on your specific financial situation.

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What is must make estimated tax?

Estimated tax is a method used to pay tax on income that is not subject to withholding, such as self-employment income.

Who is required to file must make estimated tax?

Individuals who expect to owe $1,000 or more in taxes after subtracting withholding and credits are required to make estimated tax payments.

How to fill out must make estimated tax?

You can fill out Form 1040-ES to calculate your estimated tax and make payments online, by mail, or by phone.

What is the purpose of must make estimated tax?

The purpose of estimated tax is to ensure that taxpayers pay a portion of their tax liability throughout the year instead of in one lump sum at tax filing time.

What information must be reported on must make estimated tax?

Taxpayers must report their estimated income, deductions, credits, and tax liability when filling out their estimated tax forms.