The purpose of this IRS Form is to help guide you in filling out your estimated taxes. The reason you would need to make estimated tax payments is that you may be a freelancer or self-employed worker like a real estate agent and because you don’t have federal withholding you are required to make estimated tax payments to the IRS. If you are a US citizen, resident alient, live in Puerto Rico, US Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands and American Samoa you are subject to these rules.
Plan to make estimated tax payments if you owe at least $1,000 or paid that much in prior year taxes. If you did not file a return in the previous year that is an exception and you would not be required to file an estimated tax payment. If you had zero tax liability for the previous year you also would not be required to submit estimated tax payments.
There are special rules for farmers, fishermen and other heads of household when it comes to paying estimated taxes, it’s best to go directly to the form in the link below if any of those occupations apply to you.
There are some changes to the estimated tax form. You may be eligible for the forgiveness of mortgage debt. A law was passed that may allow to exclude from income part of all of the mortgage debt forgiven on your principal residence – this is applicable for debt forgiven from 2007-2009.
Estimated taxes are due on April 15, June 16, Septebmer 15 and January 15th (this isn’t due if you file your year end return by February 2nd.). There is plenty more to learn, check out the form below directly on the IRS website!
Download form 1040-ES right now directly from the IRS Website!
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