IRS Form 1040-ES walkthrough (Estimated Tax Voucher)

Here are links to articles and videos we've created about other tax forms and schedules mentioned in this video or its accompanying article:

IRS Schedule A, Itemized Deductions

IRS Schedule SE, Self-Employment Tax

IRS Schedule 8812, Child Tax Credit or Credit for Other Dependents

IRS Schedule 1, Additional Income and Adjustments to Income

IRS Schedule 2, Additional Taxes

IRS Form 8995, Qualified Business Income Deduction Simplified Computation

IRS Form 8995-A, Qualified Business Income Deduction

IRS Schedule 3, Additional Credits & Payments

IRS Form W-2, Wage and Tax Statement

IRS Form W-4, Employee’s Withholding Certificate

IRS Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollovers

IRS Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments

IRS Form W-4V, Voluntary Withholding Certificate

IRS Form 5405, Repayment of the First-Time Homebuyer Credit

IRS Schedule EIC, Earned Income Tax Credit

IRS Form 8919, Uncollected Social Security and Medicare Tax on Wages

[Meowstimmea]

This helped a ton! Thank you so much for taking the time to put this together. It seems so straightforward until I actually start doing it lol.

[TMacFPV]

Thank you for your service to our nation, this video and your articles! Quick question please: does "Line 13: Income Tax Withheld And Estimated To Be Withheld" only include FITW or are you supposed to also include with FITW the Social Security & Medicare taxes withheld showing on your W2? Thank you again!

[Ialreadyhaveaname]

This video is really helpful, I think I understand everything now after much research.

Maybe you could do a video on the QBI deduction and everyone who that might apply to?
After looking it up I think it applies to me as a contractor making under $181, 000. 20% is a lot and if you can add it on top of the standard deduction, it can save a lot of money in taxes.

[RickOShay]

How does this work in terms of when you are completing your tax return? How would you be sure at year end that what you paid gets credited to you on your return? Do you get a form once you make a payment to the irs that you file with your return?

[dylanscott]

Really confused on how you calculated line 4?

[ahmadalbritton]

How did you come up with the 7432? If you taking the 12% from the 65800 that would be more than 7432? Please let me know?

[TheJosephOuellette]

Do I fill this out if I make a Roth conversion from a Traditional IRA?

[AshleighCummins]

Do you have instructions for if one spouse is self employed with low income and the other spouse is the main breadwinner?

[stasgran]

There are two worksheets on Form 1040-ES: one is on page 6 and the other is on page 8. How are they different, which one does what?

[adamsanchez]

If I didn't make any income yet, (created single member llc in late Feb '24), should I skip filing for Q1 and just focus on generating income to pay estimated taxes Q2?

$0 income between Jan1-Mar31 with my recently created LLC. I know I need to file something for Q1 with my state (even with my $0 income)but unsure about IRS requiring such

[gingergirl]

let say i was laid off and expecting none earned income the rest of this year received after done of filing and paying estimated tax for Federal and State in April and June 24, Do i have to keep filing and paying the rest of estimated tax in Sept and Jan. 2025? Need to tell IRS about not continuing filing and paying? Thank You.

[joselizardousmc]

Do you have a walkthrough video if one only income comes from self-employment?

[LA-qttr]

So how do i pay the breakdown to federal, social security and Medicare? Or this is will be done by IRS when i submit the payment?

[LA-qttr]

Im self employed (realtor) can i pay it once a year when i receive 1099 or i must pay it quarterly with estimated amount?
I heard i will pay penalty if i pay it once a year and not quarterly.
Can someone please let me know.

[nicolephillip]

So if we pay online, we don't have to send in a 1040 ES form?

[alonamalynovska]

If I pay my estimated tax online, do I need to send the Estimated tax worksheet somewhere? If yes, how?

[AvatarAang_]

I am trying to report estimated tips for just the first quarter of 2024, do I estimate my total anual income accounting for tips and my hourly wage or can I just estimate the tips? How do I report my tips using this form? I estimate 11000 on just tips for the year, I need to pay just for the first quarter of 2024 because moving forward, I set up with my employer to have them withhold taxes from my tips for the rest of 2024…