What is Form 1040-ES?
IRS form and vouchers used to calculate and pay quarterly estimated taxes for income not subject to withholding.
Definition
Form 1040-ES is used by individuals to calculate and pay estimated taxes on income that is not subject to withholding, including self-employment income, investment income, and foreign income. The form includes a worksheet for estimating the required payments and vouchers for mailing payments. Payments are due quarterly: April 15, June 15, September 15, and January 15. For US expats, Form 1040-ES is critical because foreign income typically has no US withholding.
Who Needs to Know This?
Self-employed individuals, freelancers, investors with significant income, and US expats with foreign income not subject to US withholding.
Key Deadline
Quarterly: April 15, June 15, September 15, January 15
Potential Penalties
Underpayment penalty for insufficient quarterly payments
Related Forms
Common Mistakes to Avoid
- 1Missing quarterly payment deadlines
- 2Not adjusting estimates when income changes significantly
- 3Expats not making estimated payments on foreign income
- 4Not knowing the safe harbor rules to avoid underpayment penalties
Related Terms
Harsh Agarwal, EA · IRS Enrolled Agent
Reviewed for accuracy by Zenith Financial Advisors
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