IRS Form 1040-ES (2024)

Tips For Using Form 1040-ES

• 1. Understanding Form 1040-ESForm 1040-ES is used to estimate and pay taxes on income that is not subject to withholding. It helps individuals, sole proprietors, and partners plan for their tax obligations accurately.
• 2. Calculating Estimated TaxesDetermine your expected annual income and deductions to calculate the estimated tax due. Use the provided worksheet to ensure accurate calculations and avoid underpayment penalties.
• 3. Submission and PaymentSubmit Form 1040-ES with your payment by the quarterly due dates to avoid penalties. Payments can be made online, by mail, or through electronic funds withdrawal for convenience.