Pay all of your estimated tax by January 15 2016. File your 2015 Form 1040 by March 1 2016 and pay the total tax due. Tax on Form 1040 line 27. Subtract this amount when figuring your expected AGI on line 1 of your 2015 Estimated Tax Worksheet. Department of the Treasury Internal Revenue Service Form 1040-ES Estimated Tax for Individuals Purpose of This Package for 2015. XX. Do not use dashes or lines for example do not enter XXX or XXX xx 100. Enter 2015 Form 1040-ES and your SSN on your check...or money order. See Form 8965 and its instructions for more information. Standard deduction. If you do not itemize your deductions you can take the 2015 standard deduction listed in the following chart for your filing status. See Form 8962 and its 12 600 Head of household Single or Married filing separately However if you can be claimed as a dependent on another person s 2015 return your standard deduction is the greater of 1 050 or Your earned income plus 350 up to the standard deduction...amount. Your net profit from self-employment is found on Schedule C Form 1040 line 31 Schedule F Form 1040 line 34 Schedule K-1 Form 1065 box 14 code A and Schedule K-1 Form 1065-B box 9 code J1. -6- 2015 Tax Rate Schedules Caution. Do not use these Tax Rate Schedules to figure your 2014 taxes. For details about repaying the first-time homebuyer credit see the Instructions for Form 5405. Line 1. Adjusted gross income. Use your 2014 tax return and instructions as a guide to figuring the adjusted...gross income you expect in 2015 but be sure to consider the items listed under What s New earlier. Estimated tax is the method used to pay tax on income that is not subject to withholding for example earnings from self-employment interest dividends rents alimony etc*. In addition if you do not elect voluntary withholding you should make estimated tax payments on other taxable income such as unemployment compensation and the taxable part of your social security benefits. Change of address. If...your address has changed file Form 8822 Change of Address to update your record. Future developments. For the latest information about developments related to Form 1040-ES and its instructions such as legislation enacted after they were published go to www*irs*gov/form1040es. Who Must Make Estimated Tax Payments General Rule In most cases you must pay estimated tax for 2015 if both of the following apply. 1. You expect to owe at least 1 000 in tax for 2015 after subtracting your withholding and...refundable credits. 2. You expect your withholding and refundable credits to be less than the smaller of a* 90 of the tax to be shown on your 2015 tax return or b. 100 of the tax shown on your 2014 tax return* Your 2014 tax return must cover all 12 months. Note. These percentages may be different if you are a farmer fisherman or higher income taxpayer. See Special Rules later. Exception* You do not have to pay estimated tax for 2015 if you were a U*S* citizen or resident alien for all of 2014...and you had no tax liability for the full 12-month 2014 tax year.
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Instructions and Help about IRS 1040-ES
How to edit IRS 1040-ES
How to fill out IRS 1040-ES
Instructions and Help about IRS 1040-ES
How to edit IRS 1040-ES
Editing the IRS 1040-ES form can be straightforward. You can utilize a PDF editor, such as pdfFiller, to make changes to your form. This tool allows you to input necessary information easily, ensuring that all details are accurately reflected on the form before submission.
How to fill out IRS 1040-ES
To fill out the IRS 1040-ES form correctly, follow these steps:
01
Obtain the IRS 1040-ES form from the IRS website or through tax preparation offices.
02
Fill in your personal information, including your name, address, and Social Security number.
03
Estimate your tax liability for the year, reviewing previous tax returns for accuracy.
04
Calculate your expected tax payments based on your estimates.
05
Submit the completed form to the IRS by the due date.
About IRS 1040-ES 2015 previous version
What is IRS 1040-ES?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 1040-ES 2015 previous version
What is IRS 1040-ES?
The IRS 1040-ES is a form used by U.S. taxpayers to report estimated tax payments. This form is primarily utilized by individuals who expect to owe tax of $1,000 or more when filing their tax return. It facilitates regular tax payments throughout the year rather than a lump sum at the end of the tax year.
What is the purpose of this form?
The purpose of the IRS 1040-ES is to assist taxpayers in estimating and paying their taxes on a quarterly basis. This helps taxpayers avoid penalties for underpayment of taxes while spreading out their tax liabilities over the year. Form 1040-ES is crucial for self-employed individuals, gig economy workers, and those with significant investment income.
Who needs the form?
Individuals who may need to fill out the IRS 1040-ES include self-employed persons, investors, and any taxpayers who expect to owe taxes when they file their returns. Moreover, anyone who does not have sufficient tax withheld from their salaries may need this form to ensure they meet their tax obligations.
When am I exempt from filling out this form?
You may be exempt from filling out the IRS 1040-ES if you had no tax liability in the previous year and are a U.S. citizen or resident for the entire year. Additionally, if you expect to owe less than $1,000 at the end of the tax year, you may not need to use this form.
Components of the form
The IRS 1040-ES consists of several key components, including payment vouchers and a worksheet for estimating your tax. The payment vouchers allow for easy submission of estimated payments. The worksheet guides you in calculating your expected tax and potential credits.
What are the penalties for not issuing the form?
If you fail to file the IRS 1040-ES and do not make estimated payments when required, you may face penalties. The IRS generally imposes a penalty for underpayment of estimated tax if your tax owed exceeds $1,000 and you have not paid at least 90% of your current year's tax or 100% of your previous year’s tax. Penalties accrue over time, leading to potential financial strain.
What information do you need when you file the form?
When filing the IRS 1040-ES, you will need your personal identification information, including your Social Security Number. Additionally, gather your previous year's tax return, income statements, and any other relevant financial data. This information is necessary to accurately estimate your tax liability for the current year.
Is the form accompanied by other forms?
The IRS 1040-ES may be submitted with other forms, particularly if you are including a payment. If you are setting up for direct payment or including specific deductions or credits, additional forms may be necessary to accompany your submission. Review the IRS instructions accompanying Form 1040-ES for guidance on these requirements.
Where do I send the form?
The mailing address for the IRS 1040-ES varies based on your location and whether you are including a payment. Generally, taxpayers sending payments will direct forms to addresses specified on the IRS website or within the form instructions. Ensure you verify the correct address for submission to avoid processing delays.
FAQ about IRS 1040-ES
What should I do if I made a mistake on my IRS 1040-ES after filing?
If you made a mistake on your IRS 1040-ES, you can correct it by submitting an amended form. It's crucial to file this as soon as you discover the error to avoid any potential penalties or issues with processing your payment. Ensure you keep a copy of both the original and amended forms for your records.
How can I track the status of my IRS 1040-ES submission?
To track the status of your IRS 1040-ES submission, you can use the IRS's online tools, which provide updates on whether your payment has been processed. If you e-filed, you may encounter common rejection codes that indicate issues needing correction before resubmission. Regularly checking your status helps ensure that everything is in order.
Are electronic signatures acceptable for IRS 1040-ES?
Yes, electronic signatures are acceptable for IRS 1040-ES submissions, but it is essential to ensure that your e-filing software is compliant with IRS standards. Always review your software’s specific requirements to maintain record security and verification.
What should I do if I receive a notice from the IRS regarding my IRS 1040-ES?
If you receive a notice from the IRS about your IRS 1040-ES, promptly read the instructions provided. It's crucial to respond within the given time frame, preparing any necessary documentation to substantiate your case. Ignoring the notice may lead to further complications, including potential audits.
What are some common errors to avoid when filing IRS 1040-ES?
Common errors when filing IRS 1040-ES include incorrect amounts, misreported Social Security numbers, and not following the specific instructions for various payment methods. Double-checking your entries and ensuring you're using the latest version of the form can help prevent these issues.
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