Mar 21 2020

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2020 federal tax forms

2020 1040-ES Form and Instructions

Estimated Tax for Individuals

Estimated Tax for Individuals. Page one and eleven of the 2020 Form 1040-ES which includes four estimated tax payment voucher and instructions.

What Is Form 1040-ES?

Form 1040-ES is used to calculate and mail-in estimated tax payments prior to filing your annual 1040 income tax return. Any income you earn that is not subject to federal withholding tax might require that you submit quarterly estimated tax payments.

Self-employed individuals who file Schedule C, Schedule C-EZ, Schedule F, and Schedule SE are most often required to file quarterly estimated tax payments. Estimated tax, however, is not limited to the self-employed, farmers, and fishermen. Income from interest, dividends, rents, alimony, and other types of income may also be subject to quarterly estimated tax payment.

Who Must Make Estimated Tax Payments?

US citizens, commonwealth residents, resident alien individuals, and nonresident alien individuals in general must make estimated tax payments if both of the following apply for the 2020 calendar year:

  1. You expect to owe at least $1,000 in federal income tax.
  2. You expect your withholding and credits to total less than the smaller of:
    1. 100% of the tax reported on your 2019 tax return,
    2. 90% of the tax you will report on your 2020 tax return.

The withholdings and tax credits wording provided by the IRS is confusing to most taxpayers. If you expect to owe at least $1,000 in federal income taxes, assume that you need to make estimated tax payments. Then, complete the 2020 Estimated Tax Worksheet found on page 8 of the form to determine if you indeed are required to make quarterly estimated tax payments.

When Are 2020 Estimated Tax Payments Due?

Your first estimated tax payment is due on April 15, 2020. Roughly each quarter you will mail an estimated tax payment voucher with a check to the IRS. Here are the quarterly due dates for the 2020 tax year:

  • April 15, 2020
  • June 15, 2020
  • September 15, 2020
  • January 15, 2021

Each quarterly estimated tax payment should be postmarked on or before the quarterly due date. Please read the 2020 Form 1040-ES instructions to confirm your due dates and to obtain the correct mailing address.

What Happens If You Pay Your Estimated Taxes Late?

If you keep missing estimated tax payment deadlines, the IRS may decide to apply a penalty when you file your annual income tax return. The 2020 Form 1040-ES instructions discuss when a penalty is applied and how to amend estimated tax payments.

In practical terms, if you are late paying your estimated taxes, catch up as soon as you can. If you missed the first, second, third, or fourth payment by two days, 20 days, or more, don’t skip it. You owe this money to the IRS regardless of the timing.

Also keep in mind that you can change the quarterly payment amount. In April, for example, you might have calculated four quarterly estimated tax payments of $2,500. Then by June, your year-to-date business profit is much lower than expected.

Use the 2020 Estimated Tax Worksheet provided in conjuction with your balance of year revenue forecast to adjust payments downward or upward. Keep such calculations with your tax records so that you can request the removal of any timing penalties in writing.

Printable Form 1040-ES

Click any of the IRS 1040-ES form links below to download, save, view, and print the file for the corresponding year. These free PDF files are unaltered and are sourced directly from the publisher. Estimated tax payment vouchers and instructions are included inside each year’s form file.

The following tables and worksheets are included inside each of the Form 1040-ES PDF file listed above:

  • Form 1040-ES
  • Form 1040-ES Instructions
  • Payment Voucher 1, 2, 3, and 4
  • Mailing Address
  • Estimated Tax Worksheet
  • Record of Estimated Tax Payments
  • Self-Employment Tax and Deduction Worksheet
  • Tax Rate Schedules

Form 1040-ES is generally published in February of each year by the IRS. When published, the current year 2020 1040-ES PDF file will download. The prior tax year PDF file or a Draft version will download if the IRS has not yet published the form.

Please report any broken Form 1040-ES links using our contact us page found at the bottom of this page.

2020 federal tax forms

2020 federal tax forms

2020 federal tax forms

Free printable 2020 1040-ES estimated tax payment voucher and 2020 Form 1040-ES instructions sourced from the IRS. Includes the deduction worksheet, record of estimated tax payments with due dates, and four payment vouchers.
SOURCE: 2020 federal tax forms

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