1040-ES
Business & Finance abbreviation · Tax
| Stands for | Estimated Tax for Individuals (IRS Form 1040-ES) |
|---|---|
| Categories | Business & Finance |
1040-ES stands for Estimated Tax for Individuals (IRS Form 1040-ES), a tax abbreviation.
Worksheet and payment vouchers that self-employed people, investors and others without enough withholding use to pay tax in four installments, due around April 15, June 15, September 15 and January 15. Payments can also be made online through IRS Direct Pay or EFTPS.
Example: Every freelancer I know sets aside 30% of each invoice for 1040-ES payments.
Usage notes
The underpayment penalty is generally avoided by paying at least 90% of the current year's tax or 100% of the prior year's, rising to 110% if prior-year AGI exceeded $150,000. The periods are not equal quarters: the second covers only two months. Many states require separate estimated payments of their own.
Related abbreviations
More tax abbreviations
- 1031 – Like-kind exchange (Internal Revenue Code section 1031)
- 1040 – U.S. Individual Income Tax Return (IRS Form 1040)
- 1040-NR – U.S. Nonresident Alien Income Tax Return (IRS Form 1040-NR)
- 1040-SR – U.S. Tax Return for Seniors (IRS Form 1040-SR)
- 1040-X – Amended U.S. Individual Income Tax Return (IRS Form 1040-X)
- 1041 – U.S. Income Tax Return for Estates and Trusts (IRS Form 1041)
- 1065 – U.S. Return of Partnership Income (IRS Form 1065)
- 1095-A – Health Insurance Marketplace Statement (IRS Form 1095-A)
- 1098 – Mortgage Interest Statement (IRS Form 1098)
- 1098-E – Student Loan Interest Statement (IRS Form 1098-E)
- 1098-T – Tuition Statement (IRS Form 1098-T)
- 1099 – IRS Form 1099 information return series