Industries
Features
Apps
Plans and Pricing
Developers
CONTACT SALES START FREE TRIAL
Free Template

Form 1040 – ES – Estimated Tax 2023

1 signer
1 Taxpayer
Use this template
USE THIS FREE TEMPLATE

Pay Your Estimated Tax for 2023 Using Form 1040-ES

With Form 1040-ES, you can easily manage your tax liability and ensure you have the funds necessary to make estimated tax payments. With accurate calculations of your income and deductions, Form 1040-ES gives you a better understanding of the amount of tax due and when it must be paid. This Fill form also provides detailed instructions on how to complete the form correctly.
USE THIS TEMPLATE - FREE
form 1040 es estimated tax for 2023 template
If you are a US citizen, resident aliens, including residents of Puerto Rico, the US Virgin Islands, Guam, the Commonwealth of the Northern Mariana Islands, and American Samoa, or nonresident aliens, you must pay estimated tax for 2023 under two conditions.
First, if you expect to owe at least $1,000 in tax for 2023 after subtracting your withholding and refundable credits, and second, if you expect your withholding and refundable credits to be less than the smaller of 90% of the tax to be shown on your tax return or 100% of the tax on your previous year’s tax return.

Purpose of Form 1040-ES: Making Estimated Tax Payments for Individuals

Form 1040-ES is an important part of filing taxes that helps individuals determine and pay their estimated taxes over the year. It is designed to help taxpayers estimate the amount of their income that isn’t subject to withholding, for example, earnings from self-employment, interest, dividends, rents, alimony, etc. Check out Fill’s copy of this document for detailed instructions on how to fill out the form accurately and plan for tax payments due.

Form 1040-ES can help taxpayers pay estimated taxes more accurately. Knowing how much taxes are due before the filing deadline lets you plan your finances better. Paying estimated taxes regularly can also reduce your risk of penalties for underpayment or late payment of taxes due at the end of the year.

Filling out Form 1040-ES will help you gain peace of mind knowing that you have accurately calculated your estimated tax liability and have sufficient funds set aside to pay it when due.

How to Complete Your Estimated Tax Payment Worksheet

Completing Form 1040-ES is perhaps the easiest step in making quarterly estimated tax payments for your business. All you have to do is fill in your personal details and the payment amount.

The form even has the due date printed on each of its four slips which correspond to each quarter, so you know when to file them in the right order.

In addition, specific instructions for these items worksheet are provided on the actual form. Details on the following are outlined to prevent errors:

  • Line 1. Adjusted gross or taxable income
  • Line 7. Credits
  • Line 9. Self-employment tax
  • Line 10. Other taxes
  • Line 12b. Prior year’s tax

But as long as you have all the previous year’s financial information, you should be alright. Using this form and enlisting the services of a tax professional would be even better.

USE THIS TEMPLATE - FREE

Special rules

The percentages under the general rules may be different if you are a farmer, fisherman, certain household employers, or higher income taxpayer. You can find more information about these special rules on the actual form.

Exceptions

You don’t have to pay estimated tax for 2023 if you were a U.S. citizen or resident alien for all of 2022 and you had no tax liability for the full 12-month 2022 tax year. You had no tax liability for 2022 if your total tax was zero or you didn’t have to file an income tax return or pay income tax.

Payments

There are plenty of channels to may payments for your estimated taxes. You can opt to pay online using your IRS.gov account, pay by phone, by debit or credit card, EFTPS, mobile device, cash, check, or money order. All the details regarding payments are provided via IRS.gov/Payments.

Penalties

Failing to properly pay your estimated taxes or make payments in a timely manner may incur a penalty when you file your return. The amount of the penalty depends on how long each underpayment remains unpaid, and it is calculated for every day of delinquency.

FAQ About Form 1040-ES

Form 1040-ES (Estimated Tax for Individuals) is a form used by individuals to calculate and make estimated payments of taxes throughout the course of the year. This form helps taxpayers estimate their total income not subject to withholding, such as self-employment income, interest, dividends, rents and alimony.
Anyone who expects to owe $1,000 or more in taxes for the year after subtracting federal tax withholding and refundable credits must file estimated taxes via this form. This includes individuals who are self-employed or have other income sources not subject to taxes withheld.
Yes, you can pay your estimated taxes online through your IRS.gov account or by debit or credit card. You can also make payments via EFTPS, mobile device, cash, check, or money order.

" Undoubtedly one of the best eSignature application available in the market right now. Would love to recommend Fill. "

Liam Washington
Capterra

Ready to get started
with this template?

Click the button below to add this template to your account. If you do not have an account, you can sign up for a free trial to start using this template.
USE THIS TEMPLATE - FREE
Arrow-up