Form 1040-Es(Nr) - Record Of Estimated Tax Payments

Income limits increased for

exceptions, see Pub. 519, U.S. Tax Guide

annualized income installment method,

retirement savings contributions

for Aliens.

explained in chapter 2 of Pub. 505.

credit. You may be able to claim this

Although your payment due dates will be

Matching estimated tax payments to

credit if your modified adjusted gross

the same as shown above, the payment

income. If you receive your income

income is not more than $26,500.

amounts will vary based on your income,

unevenly throughout the year (for

deductions, additional taxes, and credits

Personal exemption and itemized

example, because you operate your

for the months ending before each

deduction phaseouts reduced.

business on a seasonal basis), you may

payment due date. As a result, this

Taxpayers with adjusted gross income

be able to lower or eliminate the amount

method may allow you to skip or lower the

above a certain amount may lose part of

of your required estimated tax payment

amount due for one or more payments. If

their deduction for personal exemptions

for one or more periods by using the

you use the annualized income

and itemized deductions. The amount by

annualized income installment method.

installment method, file Form 2210,

which these deductions are reduced in

See Pub. 505 for details.

Underpayment of Estimated Tax by

2008 will be one-half of the reduction that

Changing your estimated tax. To

Individuals, Estates, and Trusts, with your

applied in 2007.

amend or correct your estimated tax, see

2008 tax return, even if no penalty is

Standard mileage rates. Beginning in

How To Amend Estimated Tax Payments

owed.

2008, the standard mileage rate for the

on this page.

cost of operating your car is:

Farmers and fishermen. If at least

•

You cannot make joint estimated

50.5 cents a mile for all business miles

two-thirds of your gross income for 2007

tax payments if you or your

driven,

or 2008 is from farming or fishing, you

•

spouse is a nonresident alien, you

19 cents a mile for the use of your car

CAUTION

can do one of the following.

•

are separated under a decree of divorce

for a deductible move, and

Pay all of your estimated tax by

•

or separate maintenance, or you and your

14 cents a mile for the use of your car

January 15, 2009, or

•

spouse have different tax years.

for charitable reasons.

File your 2008 Form 1040NR by March

Capital gain tax reduced. The 5%

2, 2009, and pay the total tax due. In this

Payment Due Dates

capital gain tax rate is reduced to zero.

case, 2008 estimated tax payments are

not required to avoid a penalty.

If you have wages subject to U.S. income

Expired Tax Benefits

tax withholding, you can pay all of your

Fiscal year taxpayers. You are on a

estimated tax by April 15, 2008, or in four

fiscal year if your 12-month tax period

Legislation pending when this

equal amounts by the dates shown below.

ends on any day except December 31.

form went to print may extend one

Due dates for fiscal year taxpayers are

or more of the following benefits.

1st payment . . . . . . . . . . .

April 15, 2008

CAUTION

the 15th day of the 4th (if applicable), 6th,

For the latest information, see Highlights

2nd payment . . . . . . . . . . .

June 16, 2008

and 9th months of your current fiscal

of Recent Tax Changes at

3rd payment . . . . . . . . . . .

Sept. 15, 2008

year, and the 1st month of the following

4th payment . . . . . . . . . . .

Jan. 15, 2009*

The following tax benefits were

fiscal year. If any payment date falls on a

scheduled to expire at the end of 2007.

Saturday, Sunday, or legal holiday, use

If you do not have wages subject to

•

Tax-free distributions from individual

the next business day.

U.S. income tax withholding, you can pay

retirement plans for charitable purposes.

all of your estimated tax by June 16,

•

Deduction for educator expenses in

Name Change

2008, or you can pay it in three

figuring AGI.

installments. If you pay the tax in three

•

If you changed your name because of

DC first-time homebuyer credit (for

installments,

is due by June 16, 2008,

marriage, divorce, etc. and you made

homes purchased after 2007).

is due by September 15, 2008, and

•

estimated tax payments using your former

Credit for certain nonbusiness energy

by January 15, 2009.*

name, attach a statement to the front of

property.

•

* You do not have to make the

your 2008 income tax return. On the

Tax credit for research and

payment due January 15, 2009, if you file

statement, explain all of the estimated tax

experimentation expenses.

•

your 2008 Form 1040NR or 1040NR-EZ

payments you made for 2008, and the

Credit for energy efficient appliances.

by February 2, 2009, and pay the entire

name and identifying number under which

balance due with your return.

you made the payments.

How To Figure Your

We do not send notices reminding

How To Amend Estimated

Estimated Tax

you to make your estimated tax

payments. You must make each

Tax Payments

CAUTION

You will need:

•

payment by the due date.

The 2008 Estimated Tax Worksheet on

To change or amend your estimated tax

If your payments are late or you did

page 5.

payments, refigure your total estimated

•

not pay enough, you may be charged a

The Instructions for the 2008 Estimated

tax payments due (line 18a of the

penalty for underpaying your tax. See

Tax Worksheet on page 3.

worksheet on page 5). Then, to figure the

•

When a Penalty Is Applied on page 3.

The 2008 Tax Rate Schedules on page

payment due for each remaining payment

3 for your filing status.*

No income subject to estimated tax

period, see Amended estimated tax under

•

Your 2007 tax return and instructions to

during first payment period. If, after

Regular Installment Method in chapter 2

use as a guide to figuring your income,

the first payment period, you have a large

of Pub. 505. If an estimated tax payment

deductions, and credits (but be sure to

change in income, deductions, additional

for a previous period is less than

consider the items listed under What’s

taxes, or credits that requires you to start

one-fourth of your amended estimated

New, earlier).

making estimated tax payments, you

tax, you may owe a penalty when you file

* If you are married, you must

should figure the amount of your

your return.

generally use Tax Rate Schedule Y. For

estimated tax payments by using the

-2-

Form 1040-Es(Nr) - Record Of Estimated Tax Payments - 2008 Page 2

Related Articles

Related forms

Related Categories