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Form 1040-ES (2022)

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Form 1040-ES (2022) - Thumbnail Show form versions

Get your Form 1040-ES (2022) in 3 easy steps

  • 01 Fill and edit template
  • 02 Sign it online
  • 03 Export or print immediately

What Is a 1040ES Form 2023 Payment Voucher? — Brief Outline

Form 1040-ES is targeted at freelancers, as well as individuals who work independently within their own businesses, for determining and paying estimated due to date taxes for the ongoing financial year. In this case, you don’t have a boss who withholds and sends taxes to Internal Revenue Service for you, so it’s your sole responsibility. You can get a fillable 1040-ES here, fill it out as well as file it electronically, or print it easily.

Form 1040-ES vs. Form 1040: Assessing Nuances

If you’re wondering about the distinction between Form 1040 and IRS 1040ES, you should know these two docs don’t exclude one another. While form 1040 is aimed at reporting your yearly income tax, blank 1040-ES is utilized for recording profit on a quarterly basis. Thus, two forms work alongside, just like carrot cake and cream cheese icing.

By breaking your yearly income tax into quarterly installments, the government focuses on the amount of quarter revenue tax you’ve paid throughout the year. That allows effectively keeping tabs on this stuff as well. Below, we will briefly guide over the notion of estimated taxes, and then cover the process of completing form 1040-ES

Estimated Tax Payouts Explained

Form 1040-ES in PDFLiner

There are categories of taxpayers whose profit is not formed so that tax payouts are withheld at the source. Independently operating entrepreneurs, freelance workers, for instance, do not have tax withheld from their received payments.

Income from rent payments, various retirement programs, stock sales, dividends, and similar forms of revenue are also not taxed at the source. If your earnings come within the above-mentioned or similar situations, then sorting out estimated tax is among your obligations.  

Estimated tax payment includes a calculation of your earnings for the ongoing year. Keep in mind, if you underestimate this payment, it will lead to an underpayment, which, in its turn, shall leave you with a penalty. To avert any penalties of this kind, report your current year’s earnings based on your taxes of the previous year.

If you render 100% of the previous year’s tax, you won’t end up having to pay the penalty. If you overpay, you’re free to apply for a tax refund at the end of the year. Last but not least here: always pay your quarterly tax on time, otherwise you’re going to face more penalties.

Details on Filling Out 1040-ES Form

The printable blank 1040 ES consists of several sections:

  • instructions;
  • self-employment tax and withholding table;
  • tax rate schedules;
  • estimated tax table;
  • record of estimated tax payouts;
  • 1040 ES payment voucher.

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Components of a 1040-ES Form

The 1040-ES form includes the following sections:

  • Name and address;
  • Social security number;
  • Daytime phone number;
  • Total estimated tax;
  • Payment plan selection;
  • Payment method;
  • Amount you are paying;
  • Signature;
  • Date.

When are Estimated Taxes Due

The federal tax payment estimated is the tax payment you expect to owe for the current year, and is generally payable in four equal installments, on April 15, June 15, September 15, and January 15 of the following year. If the due date for any installment falls on a Saturday, Sunday, or legal holiday, the next business day is the due date.

Tips and Warnings for IRS Form 1040-ES Estimated Tax for Individuals

  1. If you do not pay your estimated tax by the due date, you may be charged a penalty.
  2. If you do not pay enough tax through withholding and estimated tax payments, you may be charged a penalty even if you are due a refund when you file your return.
  3. You may be able to avoid or lower the penalty if you can show that the underpayment was due to circumstances beyond your control.
  4. If you are subject to the penalty, you will be notified by the IRS.
  5. You can make estimated tax payments using the Electronic Federal Tax Payment System (EFTPS).
  6. Estimated tax payments are generally not required for taxpayers who have no tax liability for the previous year. However, taxpayers who had a tax liability for the previous year and who do not pay enough tax through withholding or make estimated tax payments may be subject to the penalty.
  7. Additional information about estimated tax can be found in Publication 505, Tax Withholding and Estimated Tax.

Relevant for fillable 1040 ES form 2022

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IRS Form 1040ES Resources

How to Fill Out 1040ES Form? Step-by-step Guide:

Step 1: Open a blank 1040 ES form in PDFLiner, scroll down to boxes to fill, and press them;

Step 2: Enter information about expected income and profit;

Step 3: Subtract 1b line from 1a line;

Step 4: Multiply the 2nd line by 92.35 percent and the 3rd line by 2.9 percent;

Step 5: Provide maximum income of social security tax;

Step 6: Enter expected wages;

Step 7: Subtract the 6th line from the 5th line;

Step 8: Enter the smaller number of the 7th line or the 3rd line;

Step 9: Multiply the 8th line by 12.4 percent;

Step 10: Add lines 9 and 4;

Step 11: Multiply the 10th line by 50 percent. It is the expected deduction for self-employment tax;

Step 12: Fill out the information on Estimated Tax Worksheet. And record Estimated Tax Payments.

Form Versions

2020 Fillable 1040 ES Form (2020) Fill Out Form
2021 Fillable 1040 ES Form (2021) Fill Out Form

FAQ: Fillable Form 1040-ES Popular Questions

  • When is a 1040-ES deadline?

    You should file estimated tax payments four times during the taxation year. Usually, taxpayers who pay during a calendar year must file this form due on April 15, June 15, September 15, January 15 of the following annum. This is a widespread practice for most individuals. Yet, if you work according to a fiscal year calendar, dates might change.

  • How to get a printable Payment Voucher?

    There is an opportunity to get Form 1040 ES in two ways. You may either search this document on IRS official website or open it on PDFLiner, which is easier. The document is already prepared to be filled online and does not require any downloading on your computer.

  • What is the 1040-ES form for?

    1040-ES was created by IRS for taxpayers. It allows calculating taxes for the current year and making sure you neither overpay nor underpay anything. File 1040 relates to the last year as well, and estimated tax form allows calculating the current year’s taxes. You can use the blank for income and self-employment taxes.

  • Do I need to file 1040-ES?

    You must file Form 1040 ES in case you expect having $1000 or more in taxes, and credits and deductions were calculated. You must also have withholding or credits less than the number calculated, which is $600 in this example, or anything under $1000.

  • Where to mail Form 1040-ES?

    There is a list of addresses in the form for residents of the US or foreign countries. You should use the most appropriate one. Make sure you fill out this year’s form since addresses might change. For foreign countries, the address is IRS P.O. Box 1303 Charlotte, NC 28201-1303, for local ones, it depends on the state you live in.

  • What is line 13a c on form 1040-ES?

    There is no line 13a or c. Line 13 in Form 1040 ES is for income tax withheld or estimated to be held during the year. You have to include the tax withholding on annuities, pensions, or deferred income. In line 14a, you should use the data from the 13th string, subtracting it from the 12c.

  • Who should file IRS 1040ES form?

    Individual taxpayers who expect to owe $1,000 or more in taxes for the year should file IRS Form 1040-ES. This includes sole proprietors, single-member LLCs, and anyone who expects to owe self-employment tax.

  • When to use IRS Form 1040-ES?

    Use IRS Form 1040ES fillable version to figure and pay your estimated tax for the current tax year if you expect to owe tax of $1,000 or more when you file your return.

  • Can IRS form for estimated tax payment be avoided?

    Yes, estimated tax payments can be avoided if the taxpayer meets certain requirements. These requirements include having a valid Social Security number, filing a joint return, and having a certain amount of income.

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Fillable online Form 1040-ES (2022)
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