Form 1040-Es - Estimated Tax For Individuals - 2007 printable pdf download

1040-ES

OMB No. 1545-0074

Form

Estimated Tax for Individuals

2007

Department of the Treasury

This package is primarily for first-time filers of estimated tax.

Internal Revenue Service

Special rules. There are special rules for

What’s New for 2007

Purpose of This Package

farmers, fishermen, certain household

Use your 2006 tax return as a guide in figuring

Use this package to figure and pay your

employers, and certain higher income

your 2007 estimated tax, but be sure to

estimated tax. If you are not required to make

taxpayers.

consider the following changes. For more

estimated tax payments for 2007, you can

Farmers and fishermen. If at least

information on these changes and other

discard this package.

two-thirds of your gross income for 2006 or

changes that may affect your 2007 estimated

Estimated tax is the method used to pay tax

2007 is from farming or fishing, substitute

tax, see Pub. 553.

on income that is not subject to withholding

⁄

% for 90% in (1) under General rule,

(for example, earnings from self-employment,

Standard deduction. If you do not itemize

earlier.

interest, dividends, rents, alimony, etc.). In

your deductions, you can take the 2007

Household employers. When estimating

addition, if you do not elect voluntary

standard deduction listed below for your filing

the tax on your 2007 tax return, include your

withholding, you should make estimated tax

status.

household employment taxes (the amount

payments on unemployment compensation

before subtracting advance EIC payments

and the taxable part of your social security

IF your 2007 filing

THEN your standard

made to your employee(s)) if either of the

benefits. See the 2006 instructions for your tax

status is . . .

deduction is . . .

following applies.

return for details on income that is taxable.

Married filing jointly or

You will have federal income tax withheld

$10,700

The estimated tax worksheet on page 4 will

Qualifying widow(er)

from wages, pensions, annuities, gambling

help you figure the correct amount to pay. If

winnings, or other income.

Head of household

$ 7,850

you are paying by check or money order, use

the estimated tax payment vouchers in this

You would be required to make estimated

Single or Married filing

$ 5,350

package to ensure your estimated tax

tax payments to avoid a penalty even if you

separately

payments are credited correctly to your

did not include household employment taxes

However, if you can be claimed as a

account. Use the Record of Estimated Tax

when figuring your estimated tax.

dependent on another person’s 2007 return,

Payments on page 6 to keep track of the

Higher income taxpayers. If your adjusted

your standard deduction is the greater of:

payments you have made and the number and

gross income for 2006 was more than

amounts of your remaining payments.

$850, or

$150,000 ($75,000 if your filing status for

Change of address. File these payment

Your earned income plus $300 (up to the

2007 is married filing separately), substitute

vouchers using your current address. If this is

standard deduction amount).

110% for 100% in (2) under General rule,

a new mailing address, file Form 8822,

earlier. This rule does not apply to farmers or

Your standard deduction is increased by the

Change of Address, with the Internal Revenue

fishermen.

following amount if, at the end of 2007, you

Service Center serving your old address to

Increase your withholding. If you also receive

are:

update your record.

salaries and wages, you may be able to avoid

An unmarried individual (single or head of

Preprinted vouchers. Because you are

having to make estimated tax payments on

household) and are:

making estimated tax payments for 2007,

your other income by asking your employer to

65 or older or blind

$1,300

estimated tax payment vouchers for 2008 will

take more tax out of your earnings. To do this,

65 or older and blind

$2,600

be sent to you preprinted with your name,

file a new Form W-4, Employee’s Withholding

A married individual (filing jointly or

address, and social security number, along

Allowance Certificate, with your employer.

separately) or a qualifying widow(er) and are:

with return envelopes and a copy of the

If you receive a pension or annuity, you can

instructions.

65 or older or blind

$1,050

use Form W-4P, Withholding Certificate for

65 or older and blind

$2,100

Pension or Annuity Payments, to start or

If you do not want to receive the

Both spouses 65 or older

$2,100 *

change your withholding from these

vouchers and envelopes, simply

TIP

Both spouses 65 or older and

payments.

begin making your estimated tax

blind

$4,200 *

You can also choose to have federal income

payments electronically.

* If married filing separately, these amounts

tax withheld from certain government

apply only if you can claim an exemption for

payments. For details, see Form W-4V,

Who Must Make Estimated Tax

your spouse.

Voluntary Withholding Request.

Payments

Your standard deduction is zero if

(a) your spouse itemizes on a

The estimated tax rules apply to:

Additional Information

separate return, or (b) you were a

U.S. citizens and resident aliens,

You May Need

dual-status alien and you do not

Residents of Puerto Rico, the U.S. Virgin

CAUTION

elect to be taxed as a resident

You can find most of the information you will

Islands, Guam, the Commonwealth of the

alien for 2007.

need in Pub. 505, Tax Withholding and

Northern Mariana Islands, and American

Estimated Tax.

IRA deduction expanded. You may be able to

Samoa, and

take an IRA deduction if you were covered by

Other available information:

Nonresident aliens (use Form 1040-ES (NR)).

a retirement plan and your 2007 modified

Pub. 553, Highlights of 2006 Tax Changes.

General rule. In most cases, you must make

adjusted gross income (AGI) is less than

Instructions for the 2006 Form 1040 or

estimated tax payments if you expect to owe

$62,000 ($103,000 if married filing jointly or

1040A.

at least $1,000 in tax for 2007 (after

qualifying widow(er)).

subtracting your withholding and credits) and

Pub. 1460, Highlights of Tax Relief Provided

Deduction for domestic production

you expect your withholding and credits to be

to Taxpayers in Response to Hurricanes

activities. For 2007, the deduction rate will

less than the smaller of:

Katrina, Rita, and Wilma.

increase to 6%.

1. 90% of the tax shown on your 2007 tax

Pub. 4492, Information for Taxpayers

Earned income credit (EIC). You may be

return, or

Affected by Hurricanes Katrina, Rita, and

able to take the EIC if:

2. 100% of the tax shown on your 2006 tax

Wilma.

A child lived with you and you earned less

return (but see Higher income taxpayers on

What’s Hot. Go to , click on

than $37,783 ($39,783 if married filing jointly),

this page).

More Forms and Publications, and then on

However, if you did not file a 2006 tax return

What’s Hot in forms and publications.

A child did not live with you and you

or if your 2006 return did not cover 12 months,

For details on how to get forms and

earned less than $12,590 ($14,590 if married

item (2) above does not apply.

publications, see page 7 of the instructions for

filing jointly).

Exception. You do not have to pay

Form 1040 or 1040A.

Standard mileage rates. The 2007 rate per

estimated tax for 2007 if you were a U.S.

If you have tax questions, call

mile for use of your vehicle is:

citizen or resident alien for all of 2006 and you

1-800-829-1040 for assistance. For TTY/TDD

48.5 cents for business use,

had no tax liability for the full 12-month 2006

help, call 1-800-829-4059.

tax year. You had no tax liability for 2006 if

14 cents for charitable use, and

your total tax was zero or you did not have to

20 cents for medical care and moving.

file an income tax return.

Cat. No. 11340T

Form 1040-Es - Estimated Tax For Individuals - 2007

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