Form 1040-Es - Estimated Tax For Individuals - 2016 Page 2

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exemption(s) for all 12 months of 2016. See Form 8965
THEN your standard
and its instructions for more information.
IF your 2016 filing status is...
deduction is...
Advance payments of the premium tax credit. If you
Married filing jointly or
$12,600
buy health care insurance through the Health Insurance
Qualifying widow(er)
Marketplace, you may be eligible for advance payments
Head of household
$9,300
of the premium tax credit to help pay for your insurance
Single or Married filing separately
$6,300
coverage. Receiving too little or too much in advance will
affect your refund or balance due. Promptly report
changes in your income or family size to your
However, if you can be claimed as a dependent on
Marketplace. See Form 8962 and its instructions for more
another person's 2016 return, your standard deduction is
information.
the greater of:
How To Figure Your Estimated Tax
$1,050, or
Your earned income plus $350 (up to the standard
You will need:
deduction amount).
The 2016 Estimated Tax Worksheet,
Your standard deduction is increased by the following
The Instructions for the 2016 Estimated Tax
amount if, at the end of 2016, you are:
Worksheet,
An unmarried individual (single or head of household)
The 2016 Tax Rate Schedules, and
and are:
Your 2015 tax return and instructions to use as a guide
to figuring your income, deductions, and credits (but be
65 or older or blind
$1,550
. . . . . . . . . . . . . . . . . . . . . . . .
sure to consider the items listed under What's New,
65 or older and blind
$3,100
. . . . . . . . . . . . . . . . . . . . . . .
earlier).
Matching estimated tax payments to income. If you
receive your income unevenly throughout the year (for
A married individual (filing jointly or separately) or a
example, because you operate your business on a
qualifying widow(er) and are:
seasonal basis or you have a large capital gain late in the
year), you may be able to lower or eliminate the amount of
65 or older or blind
$1,250
. . . . . . . . . . . . . . . . . . . . . . . .
your required estimated tax payment for one or more
65 or older and blind
$2,500
. . . . . . . . . . . . . . . . . . . . . . .
periods by using the annualized income installment
Both spouses 65 or older
$2,500*
. . . . . . . . . . . . . . . . . . . .
method. See chapter 2 of Pub. 505 for details.
Both spouses 65 or older and blind
$5,000*
. . . . . . . . . . . . . .
* If married filing separately, these amounts apply only if you can
Changing your estimated tax. To amend or correct
claim an exemption for your spouse.
your estimated tax, see How To Amend Estimated Tax
Payments, later.
You cannot make joint estimated tax payments if
Your standard deduction is zero if (a) your
you or your spouse is a nonresident alien, you are
!
spouse itemizes on a separate return, or (b) you
!
separated under a decree of divorce or separate
were a dual-status alien and you do not elect to
CAUTION
maintenance, or you and your spouse have different tax
CAUTION
be taxed as a resident alien for 2016.
years.
Personal exemption amount increased for certain
Additionally, individuals of the same sex and opposite sex
taxpayers. For tax years beginning in 2016, the personal
who are in registered domestic partnerships, civil unions,
exemption amount is increased to $4,050 for taxpayers
or other similar formal relationships that are not marriages
with adjusted gross incomes below $155,650. The
under state law cannot make joint estimated tax
personal exemption amount for taxpayers with adjusted
payments. These individuals can take credit only for the
gross incomes above this amount may be reduced.
estimated tax payments that he or she made.
Limitation on itemized deductions. For tax year 2016,
Payment Due Dates
itemized deductions for taxpayers with adjusted gross
income above $155,650 may be reduced.
You can pay all of your estimated tax by April 18, 2016, or
in four equal amounts by the dates shown below.
Social security tax. For 2016, the maximum amount of
earned income (wages and net earnings from
1st payment
April 18, 2016
. . . . . . . . . . . . . . . . .
self-employment) subject to the social security tax is
2nd payment
June 15, 2016
. . . . . . . . . . . . . . . .
$118,500.
3rd payment
Sept. 15, 2016
. . . . . . . . . . . . . . . . .
Reminders
4th payment
Jan. 17, 2017*
. . . . . . . . . . . . . . . . .
* You do not have to make the payment due January 17,
Health care coverage. When you file your 2016 tax
2017, if you file your 2016 tax return by January 31, 2017,
return in 2017, you will need to either (1) indicate on your
and pay the entire balance due with your return.
return that you and your family had health care coverage
throughout 2016, (2) claim an exemption from the health
care coverage requirement for some or all of 2016, or (3)
If you mail your payment and it is postmarked by the
make a payment if you do not have coverage or an
due date, the date of the U.S. postmark is considered the
date of payment. If your payments are late or you did not
-2-
Form 1040-ES (2016)

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