Form 1040-Es - Estimated Tax For Individuals - 2012 Page 3

ADVERTISEMENT

resulting taxable amount in income for 2010, you
Individuals, Estates, and Trusts, including Schedule AI,
reported half of that taxable amount on your 2011 return
with your 2012 tax return even if no penalty is owed.
and must report the other half on your 2012 return. See
Farmers and fishermen. If at least two-thirds of your
the instructions for Form 8606 for more information.
gross income for 2011 or 2012 is from farming or fishing,
you can do one of the following.
How To Figure Your Estimated Tax
Pay all of your estimated tax by January 15, 2013.
You will need:
File your 2012 Form 1040 by March 1, 2013, and pay
the total tax due. In this case, 2012 estimated tax
The 2012 Estimated Tax Worksheet, later,
The Instructions for the 2012 Estimated Tax
payments are not required to avoid a penalty.
Worksheet,
Fiscal year taxpayers. You are on a fiscal year if your
The 2012 Tax Rate Schedules, and
12-month tax period ends on any day except December
Your 2011 tax return and instructions to use as a guide
31. Due dates for fiscal year taxpayers are the 15th day
to figuring your income, deductions, and credits (but be
of the 4th, 6th, and 9th months of your current fiscal year
sure to consider the items listed under What’s New,
and the 1st month of the following fiscal year. If any
earlier).
payment date falls on a Saturday, Sunday, or legal
Matching estimated tax payments to income. If you
holiday, use the next business day.
receive your income unevenly throughout the year (for
Name Change
example, because you operate your business on a
seasonal basis or you have a large capital gain late in the
If you changed your name because of marriage, divorce,
year), you may be able to lower or eliminate the amount
etc., and you made estimated tax payments using your
of your required estimated tax payment for one or more
former name, attach a statement to the front of your 2012
periods by using the annualized income installment
tax return. On the statement, show all of the estimated
method. See chapter 2 of Pub. 505 for details.
tax payments you (and your spouse, if filing jointly) made
Changing your estimated tax. To amend or correct
for 2012 and the name(s) and SSN(s) under which you
your estimated tax, see How To Amend Estimated Tax
made the payments.
Payments, later.
Be sure to report the change to your local Social
Security Administration office before filing your 2012 tax
You cannot make joint estimated tax payments if
!
return. This prevents delays in processing your return
you or your spouse is a nonresident alien, you are
and issuing refunds. It also safeguards your future social
separated under a decree of divorce or separate
CAUTION
security benefits. For more details, call the Social
maintenance, or you and your spouse have different tax
Security Administration at 1-800-772-1213 (TTY/TDD
years.
1-800-325-0778).
Additionally, registered domestic partners and
same-sex spouses cannot make joint estimated tax
How To Amend Estimated Tax
payments. Each partner can take credit only for the
Payments
estimated tax payments that he or she made.
To change or amend your estimated tax payments,
Payment Due Dates
refigure your total estimated tax payments due (line 16a
You can pay all of your estimated tax by April 17, 2012,
of the Estimated Tax Worksheet, later). Then, to figure
or in four equal amounts by the dates shown below.
the payment due for each remaining payment period, see
Amended estimated tax in chapter 2 of Pub. 505. If an
1st payment . . . . . . . . . . . . . . . . . . .
April 17, 2012
estimated tax payment for a previous period is less than
2nd payment . . . . . . . . . . . . . . . . . .
June 15, 2012
one-fourth of your amended estimated tax, you may owe
3rd payment . . . . . . . . . . . . . . . . . . .
Sept. 17, 2012
a penalty when you file your return.
4th payment . . . . . . . . . . . . . . . . . . .
Jan. 15, 2013*
* You do not have to make the payment due January 15, 2013,
When a Penalty Is Applied
if you file your 2012 tax return by January 31, 2013, and pay
the entire balance due with your return.
In some cases, you may owe a penalty when you file
your return. The penalty is imposed on each
If you mail your payment and it is postmarked by the
underpayment for the number of days it remains unpaid.
due date, the date of the U.S. postmark is considered the
A penalty may be applied if you did not pay enough
date of payment. If your payments are late or you did not
estimated tax for the year or you did not make the
pay enough, you may be charged a penalty for
payments on time or in the required amount. A penalty
underpaying your tax. See When a Penalty Is Applied,
may apply even if you have an overpayment on your tax
later.
return.
If you want, you can make more than four
The penalty may be waived under certain conditions.
estimated tax payments. To do so, make a copy
TIP
See chapter 4 of Pub. 505 for details.
of one of your unused estimated tax payment
How To Pay Estimated Tax
vouchers, fill it in, and mail it with your payment. If you
make more than four payments, to avoid a penalty make
sure the total of the amounts you pay during a payment
Pay by Check or Money Order Using the
period is at least as much as the amount required to be
Estimated Tax Payment Voucher
paid by the due date for that period. For other payment
There is a separate estimated tax payment voucher for
methods, see Pay Electronically, later.
each due date. The due date is shown in the upper right
No income subject to estimated tax during first
corner. Complete and send in the voucher only if you are
payment period. If, after March 31, 2012, you have a
making a payment by check or money order. If you and
large change in income, deductions, additional taxes, or
your spouse plan to file separate returns, file separate
credits that requires you to start making estimated tax
vouchers instead of a joint voucher.
payments, you should figure the amount of your
estimated tax payments by using the annualized income
To complete the voucher, do the following.
installment method, explained in chapter 2 of Pub. 505. If
Print or type your name, address, and SSN in the
you use the annualized income installment method, file
space provided on the estimated tax payment voucher. If
Form 2210, Underpayment of Estimated Tax by
filing a joint voucher, also enter your spouse’s name and
-3-
Form 1040-ES (Rev. 05-2012)

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 9