1040-ES Form

What is 1040-ES Form?

The 1040-ES Form, also known as the Estimated Tax for Individuals form, is a document used by taxpayers in the United States to report and pay estimated taxes for the current tax year. It is designed for individuals who do not have taxes withheld from their income, such as self-employed individuals, freelancers, and those with income from rental properties or investments.

What are the types of 1040-ES Form?

There are two types of 1040-ES forms that individuals can use depending on their circumstances:

Form 1040-ES: This is the standard form used to report estimated taxes for individuals who receive income that is not subject to withholding.
Form 1040-ES (NR): This form is specifically designed for nonresident aliens who have income from U.S. sources and need to pay estimated taxes on that income.

How to complete 1040-ES Form

Completing the 1040-ES Form may seem daunting at first, but with the right guidance, it can be a straightforward process. Here are the steps to complete the form:

01
Gather your financial records and estimate your taxable income for the year.
02
Determine your total estimated tax liability by multiplying your taxable income by the appropriate tax rate.
03
Calculate any tax credits or deductions that may reduce your estimated tax liability.
04
Fill out Form 1040-ES by providing your personal information, estimated income, deductions, and tax liability.
05
Make a payment for the estimated tax amount using the available payment options.
06
Retain a copy of the completed form and proof of payment for your records.

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Video Tutorial How to Fill Out 1040-ES Form

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Questions & answers

If you expect to owe at least $1,000 in taxes, after all deductions and credits, AND your withholding and credits are expected to be less than the calculated number—in this example $500—then you should file 1040-ES.
No. You can prepare the 1040-ES but cannot e-file it or pay.
You do not need to file Form 1040-ES if you opt to make estimated tax payments online. You may do so at any time through your Online Account or doing a one-time payment using Pay Online or the Electronic Federal Tax Payment System (EFTPS).
Using the Electronic Federal Tax Payment System (EFTPS) is the easiest way for individuals as well as businesses to pay federal taxes. Make ALL of your federal tax payments including federal tax deposits (FTDs), installment agreement and estimated tax payments using EFTPS.
The remaining deadlines for paying 2022 quarterly estimated tax are: June 15, September 15, and January 17, 2023.These include: Direct Pay from a bank account. Paying by credit or debit card or the Electronic Federal Tax Payment System. Mailing a check or money order to the IRS. Paying cash at a retail partner.
Use Form 1040-ES to figure and pay your estimated tax. 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.).