Form 1040-ES, Estimated Tax for Individuals
This is a form for estimated taxes for individuals. The form provided here is simply a sample of what the actual Form 1040-ES looks like.
2008 Estimated Tax Worksheet
1 Adjusted gross income you expect in 2008 (see instructions below) 1 ________________
2 - If you plan to itemize deductions, enter the estimated total of your itemized deductions. 2 ________________
Caution: If line 1 above is over $159,950 ($79,975 if married filing separately), your deduction may be reduced. See Pub. 505 for details.
- If you do not plan to itemize deductions, enter your standard deduction from page 1.
3 Subtract line 2 from line 1 3 ________________
4 Exemptions. Multiply $3,500 by the number of personal exemptions. Caution: See Pub. 505 to figure the amount to enter if line 1 above is over: $239,950 if married filing jointly or qualifying widow(er); $199,950 if head of household; $159,950 if single; or $119,975 if married filing separately 4 ________________
5 Subtract line 4 from line 3 5 _______________
6 Tax. Figure your tax on the amount on line 5 by using the 2008 Tax Rate Schedules on page 5. Caution: If you will have qualified dividends or a net capital gain, or expect to claim the foreign earned income exclusion or housing exclusion, see Pub. 505 to figure the tax 6 ________________
7 Alternative minimum tax from Form 6251 7 ________________
8 Add lines 6 and 7. Add to this amount any other taxes you expect to include in the total on Form 1040, line 44, or Form 1040A, line 28 8 ________________
9 Credits (see instruct ions below). Do not include any income tax withholding on this line 9 ________________
10 Subtract line 9 from line 8. If zero or less, enter -0- 10 ________________
11 Self-employment tax (see instructions below). Estimate of 2008 net earnings from self-employment $________________; if $102,000 or less, multiply the amount by 15.3%; if more than $102,000, multiply the amount by 2.9%, add $12,648 to the result, and enter the total. Caution: If you also have wages subject to social security tax, see Pub. 505 to figure the amount to enter 11 ________________
12 Other taxes (see instructions below) 12 ________________
13a Add lines 10 through 12 13a ________________
b Earned income credit, additional child tax credit, and credits from Forms 4136, 8801 (line 27), and 8885 13b ________________
c Total 2008 estimated tax. Subtract line 13b from line 13a. If zero or less, enter -0- 13c ________________
14a Multiply line 13c by 90% (662⁄3 % for farmers and fishermen) 14a ________________
b Enter the tax shown on your 2007 tax return (110% of that amount if you are not a farmer or fisherman and the adjusted gross income shown on that return is more than $150,000 or, if married filing separately for 2008, more than $75,000) 14b ________________
c Required annual payment to avoid a penalty. Enter the smaller of line 14a or 14b 14c ________________
Caution: Generally, if you do not prepay (through income tax withholding and estimated tax payments) at least the amount on line 14c, you may owe a penalty for not paying enough estimated tax. To avoid a penalty, make sure your estimate on line 13c is as accurate as possible. Even if you pay the required annual payment, you may still owe tax when you file your return. If you prefer, you can pay the amount shown on line 13c. For details, see Pub. 505.
15 Income tax withheld and estimated to be withheld during 2008 (including income tax withholding on pensions, annuities, certain deferred income, etc.) 15 ________________
16a Subtract line 15 from line 14c 16a ________________
Is the result zero or less?
____ Yes. Stop here. You are not required to make estimated tax payments.
____ No. Go to line 16b.
b Subtract line 15 from line 13c 16b ________________
Is the result less than $1,000?
____ Yes. Stop here. You are not required to make estimated tax payments.
____ No. Go to line 17 to figure your required payment.
17 If the first payment you are required to make is due April 15, 2008, enter 1⁄4 of line 16a (minus any 2007 overpayment that you are applying to this installment) here, and on your estimated tax payment voucher(s) if you are paying by check or money order. (Note: Household employers, see instructions below.) 17 ________________
INSTRUCTIONS FOR FILLING OUT THIS FORM
Line 1. Adjusted gross income. Use your 2007 tax return and instructions as a guide to figuring the adjusted gross income you expect in 2008 (but be sure to consider the items listed under What's New that begins on page 1). For more details on figuring your adjusted gross income, see Expected AGI--Line 1 in chapter 2 of Pub. 505. If you are self-employed, be sure to take into account the deduction for one-half of your self-employment tax (2007 Form 1040, line 27).
Line 9. Credits. See the 2007 Form 1040, lines 47 through 55, or Form 1040A, lines 29 through 33, and the related instructions.
Line 11. Self-employment tax. If you and your spouse make joint estimated tax payments and you both have self-employment income, figure the self-employment tax for each of you separately. Enter the total on line 11. When figuring your estimate of 2008 net earnings from self-employment, be sure to use only 92.35% (.9235) of your total net profit from self-employment.
Line 12. Other taxes. Use the instructions for the 2007 Form 1040 to determine if you expect to owe, for 2008, any of the taxes that would have been entered on your 2007 Form 1040, lines 60 (additional tax on early distributions only), 61, and 62, and any write-ins on line 63, or any amount from Form 1040A, line 36. On line 12, enter the total of those taxes, subject to the following two exceptions.
Exception 1. Include household employment taxes Form 1040, line 62, on this line only if:
- You will have federal income tax withheld from wages, pensions, annuities, gambling winnings, or other income, or
- You would be required to make estimated tax payments (to avoid a penalty) even if you did not include household employment taxes when figuring your estimated tax.
If you meet one or both of the above, include in the amount on line 12 the total of your household employment taxes before subtracting advance EIC payments made to your employee(s).
Exception 2. Of the amounts for other taxes that may be entered on Form 1040, line 63, do not include on line 12: tax on recapture of a federal mortgage subsidy, uncollected employee social security and Medicare tax or RRTA tax on tips or group-term life insurance, tax on golden parachute payments, or excise tax on insider stock compensation from an expatriated corporation. These taxes are not required to be paid until the due date of your income tax return (not including extensions).
Line 17. If you are a household employer and you make advance EIC payments to your employee(s), reduce your required estimated tax payment for each period by the amount of advance EIC payments paid during the period.
Privacy Act and Paperwork Reduction Act Notice. We ask for tax return information to carry out the tax laws of the United States. We need it to figure and collect the right amount of tax.
Our legal right to ask for information is Internal Revenue Code sections 6001, 6011, and 6012(a), and their regulations. They say that you must file a return or statement with us for any tax for which you are liable. Your response is mandatory under these sections. Code section 6109 and its regulations say that you must provide your taxpayer identification number on what you file. This is so we know who you are, and can process your return and other papers.
You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any information are confidential, as stated in Code section 6103. Internal Revenue law. Generally, tax returns and return
If you do not file a return, do not give the information asked for, or give fraudulent information, you may be charged penalties and be subject to criminal prosecution.
We may disclose the information to the Department of Justice and to other federal agencies, as provided by law. We may disclose it to cities, states, the District of Columbia, and U.S. commonwealths or possessions to carry out their tax laws. We may also disclose this information to other countries under a tax treaty, to federal and state agencies to enforce federal nontax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism.
Please keep this notice with your records. It may help you if we ask you for other information. If you have any questions about the rules for filing and giving information, please call or visit any Internal Revenue Service office.
The average time and expenses required to complete and file this form will vary depending on individual circumstances. For the estimated averages, see the instructions for your income tax return.
If you have suggestions for making this package simpler, we would be happy to hear from you. See the instructions for your income tax return.
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OMB No. 1545-0074
Calendar year--Due Jan. 15, 2009
Department of the Treasury
Internal Revenue Service
2008 Estimated Tax
File only if you are making a payment of estimated tax by check or money order. Mail this voucher with your check or money order payable to the "United States Treasury." Write your social security number and "2008 Form 1040-ES" on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this voucher.
Amount of estimated tax you are paying by check or money order. $__________________
Your first name and initial _______________________________
Your last name _______________________________
Your social security number _______________________________
If joint payment, complete for spouse
Spouse's first name and initial _______________________________
Spouse's last name _______________________________
Spouse's social security number _______________________________
Address (number, street, and apt. no.) _______________________________
City, state, and ZIP code. (If a foreign address, enter city, province or state, postal code, and country.) _______________________________
For Privacy Act and Paperwork Reduction Act Notice, see instructions above.