Form Nj-1040-Es - Estimated Tax Worksheet For Individuals - 2012

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2012 NJ-1040-ES
General Information
Write your social security number on your check. Joint declara-
tions must include the social security numbers of both spouses/
Estimated tax means the amount which you estimate to be your
civil union partners on all documents submitted. Fiduciaries
income tax for the taxable year after subtracting withholdings
must include the Fed eral employer identification number of the
and other credits.
estate or trust.
If your estimated tax exceeds $400, you are required to make a
How to Calculate Your Estimated Tax
declaration of estimated tax and quarterly estimated tax pay-
ments. Form NJ-1040-ES is available to make estimated tax
If you are a calendar year taxpayer, estimate tax for the period
payments to the State of New Jersey. To avoid having to make
from January 1, 2012, to December 31, 2012. Determine your
estimated tax payments, you may ask your employer to with-
ex pected gross income, then subtract personal exemptions and
hold an additional amount from your wages by completing
deduc tions to arrive at expected taxable income. Apply the
Form NJ-W4. If you have pension income, file Form NJ-W-4P
appropri ate tax rate to your expected taxable income. Subtract
with the payer of the pension to have tax withheld. Failure to
total anticipated credits and withholdings to arrive at your esti-
file a Declaration of Estimated Tax or to pay all or part of a
mated tax. Use the estimated tax worksheet on page 3 as a guide
required quarterly estimated tax payment will result in interest
for comput ing your estimated tax. Refer to the instructions for
charges on the underpayment.
the NJ-1040, NJ-1040NR, and NJ-1041 income tax returns for
information on what constitutes income, exemptions, expenses,
If you cannot readily project the amount of your income for the
deductions, and credits.
current year, or you need more information on the requirements
for making estimated tax payments, see Tax Topic Bulletin
GIT-8, Estimating Income Taxes.
ach taxpayer may claim the following personal exemptions:
Taxpayer (and either spouse/civil union partner, if filing
Who Must File
jointly, or domestic partner) – $1,000 each
Resident and nonresident individuals as well as certain estates
Taxpayer (and spouse/civil union partner if filing jointly)
and trusts are required to file a declaration of estimated tax for
who is 65 years of age or more – an additional $1,000 each
every tax year in which total New Jersey estimated tax is more
Taxpayer (and spouse/civil union partner if filing jointly)
than $400.
who is blind or disabled – an additional $1,000 each
Please consider the following when determining whether or not
Each dependent who qualifies as your dependent for Federal
estimated tax payments are required.
income tax purposes – $1,500 per dependent
Each dependent under 22 years of age who is attending
Minimum Income Filing Threshold. A taxpayer is not
an accredited institution of higher education full time – an
required to file a New Jersey income tax return or pay tax if
additional $1,000 per dependent
gross income for the entire year is $20,000 or less (filing status
married/civil union couple, filing joint return or head of house-
hold or qualifying widow(er)/surviving civil union partner), or
Individuals may deduct the following:
Medical expenses in excess of 2% (.02) of gross income,
$10,000 or less (estates and trusts, or individ uals with filing sta-
qualified Archer medical savings account (MSA) contribu­
tus single or married/civil union partner, filing separate return).
tions, and health insurance costs of the self-employed
Retirement Income Exclusion. Individuals who qualify may
Alimony and separate maintenance payments, subject to
be able to exclude from gross income up to $20,000 (filing sta-
certain limitations
tus married/civil union couple, filing joint return), $15,000 (fil-
Qualified conservation contributions
ing status single, head of household, or qualifying widow(er)/
Health Enterprise Zone deduction
surviving civil union partner), or $10,000 (filing status married/
Property tax deduction or credit (claim only one)
civil union partner, filing separate return) of taxable pension and
other income.
Other Credits
Individuals who meet the eligibility requirements may claim
Taxpayers whose gross income for the entire year
the following credits when determining their estimated tax:
exceeds $100,000 do not qualify for the exclusion.
property tax credit, New Jersey earned income tax credit, and
When to File
sheltered workshop tax credit. Refer to the income tax return
Your declaration and first installment must be filed on or before
instructions for information on how to estimate the amount of
April 15, 2012, for calendar year filers or by the date specified
your credit(s).
in these instructions for Farmers or Changes in Income. If you
Fiscal Year Taxpayers
elect to pay your estimated tax in four equal installments, addi-
Fiscal year filers should estimate their tax based on the expected
tional declarations and payments must be filed on or before
income for the period covering their fiscal year. If your tax
June 15, 2012, September 15, 2012, and January 15, 2013.
return is filed on a fiscal year basis, change the calendar year
How ever, if any date falls on a Saturday, Sunday, or legal holi-
dates on the vouchers to correspond with the 15th day of the
day, substitute the next regular workday.
fourth, sixth, and ninth month of your fiscal year, and the first
Where to File
month of your succeeding fiscal year.
Mail your declaration vouchers along with your check or money
order to: State of New Jersey, Division of Taxation, Revenue
Processing Center, PO Box 222, Trenton NJ 08646-0222.


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