Form 1040-ES Estimated Tax for Individuals
INSTRUCTIONS : ESTIMATED TAX FOR INDIVIDUALS (Form 1040-ES)
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Form 1040-ES is a United States Internal Revenue Service tax form used as an estimated tax payment voucher. The form include 4 separate vouchers, all due in quarterly filings throughout the year. The Form 1040-ES is used for self-employed workers who do not have enough income tax withheld.
The Form 104-ES can be obtained through the I.R.S’ website or by obtaining the documents through a local tax office.
The tax form is to be filed by the taxpayer in quarterly installments. 4 separate tax vouchers are included in the form, with each needing to be filed by the specified due date.
1. Before filling out a quarterly voucher, you should use the tax worksheet provided with the form.
2. Go line by line through the worksheet and enter your best estimation of the numbers asked. For example, line 1 requires your expected gross income for the entire 2011 tax year.
3. Follow the instructions of each line, double checking that your numbers are accurate. Once completed, you should have a payment that you will use for your tax voucher. You can use this same worksheet for each of your 4 vouchers.
4. Find the tax voucher for the quarter in which you are filing your Form 1040-ES. The vouchers are numbered 1 through 4, with 1 being the first quarter of the tax year and 4 being the fourth quarter of the tax year.
5. Fill in your name and social security number in the top boxes of the form.
6. If you are filing a joint filing, include your spouse’s name and social security number in the second line.
7. Put your contact information in the next set of boxes, including your complete address.
8. In the top right box, put your estimated tax you are paying for the quarter that you determined by using the worksheet.
9. for each voucher, attach a check or money order for the amount of tax you are paying.
10. Continue this for each quarter during the taxable year. You should also keep a record in the tax log provided with the Form 1040-ES.