1040es Form 2013 - Page 2

What is 1040es Form 2013?

The 1040es Form 2013 is an IRS tax form used by individuals who need to make estimated tax payments for the year. It is specifically designed for taxpayers who do not have their taxes withheld by their employer or who have additional income that is not subject to withholding. The purpose of the form is to ensure that taxpayers pay their taxes in a timely manner throughout the year, rather than waiting until the end of the year to pay in one lump sum.

What are the types of 1040es Form 2013?

There are two types of 1040es Form 2013: the regular form and the simplified form. The regular form is used by taxpayers who have more complex financial situations, such as self-employed individuals or those with multiple sources of income. The simplified form is for taxpayers who have a more straightforward financial situation, such as those who only have one job and no additional income. Both forms serve the same purpose of helping taxpayers calculate and pay their estimated taxes.

Regular Form
Simplified Form

How to complete 1040es Form 2013

Completing the 1040es Form 2013 is a straightforward process. Here is a step-by-step guide to help you:

01
Gather your financial information, such as income statements, deductions, and credits.
02
Calculate your estimated tax liability based on your expected income for the year.
03
Fill out the form by providing your personal information, income details, and estimated tax payment amounts.
04
Make sure to double-check all the information for accuracy.
05
Submit the completed form and your tax payment to the IRS by the quarterly due dates.

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Video Tutorial How to Fill Out 1040es Form 2013

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Questions & answers

Myth 2: Missing a estimated quarterly taxes payment deadline is fine as long as you pay on the next deadline. If you have to make estimated tax payments, following the schedule is important. Missing quarterly deadlines, even by one day, can mean accruing penalties and interest.
What does the tax underpayment penalty for quarterly taxes work? Once a due date has passed, the IRS will typically dock 0.5% of the entire amount you owe. For each partial or full month you don't pay the tax in full, the penalty increases. It's capped at 25%.
You must make estimated tax payments and file Form 1040-ES if both of these apply: Your estimated tax due is $1,000 or more.
Most self-employed workers pay quarterly estimated taxes. You can use this simple tool to calculate your estimated taxes. If you expect to owe more than $1,000 in taxes (that's earning roughly $5,000 in self-employment income), then you are required to pay estimated taxes.
You may send estimated tax payments with Form 1040-ES by mail, or you can pay online, by phone or from your mobile device using the IRS2Go app. You can also make your estimated tax payments through your online account, where you can see your payment history and other tax records. Go to IRS.gov/Account.
If you forget to pay your quarterly estimated tax, the IRS will proceed to throw interest and penalty charges your way. If you forget, it doesn't mean they will forget as well. In the beginning, the IRS will probably dock a tax or somewhere around 5% of what you owe.