Form 1040-Es - Estimated Tax For Individuals - 2012 Page 5
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12•
Exception 1. Include household employment taxes
If the adjusted gross income shown on your 2011
from Form 1040, line 59a, on this line only if:
return is more than $150,000 ($75,000 if married filing
•
You will have federal income tax withheld from wages,
separately for 2012), enter 110% of your 2011 tax as
pensions, annuities, gambling winnings, or other income,
figured next.
or
Note. This does not apply to farmers or fishermen.
•
•
You would be required to make estimated tax
If you will file a joint return for 2012 but you did not file
payments (to avoid a penalty) even if you did not include
a joint return for 2011, add the tax shown on your 2011
household employment taxes when figuring your
return to the tax shown on your spouse’s 2011 return and
estimated tax.
enter the total on line 14b (both taxes figured as
If you meet either of the above, include the total of
explained next).
•
your household employment taxes on line 12.
If you filed a joint return for 2011 but you will not file a
joint return for 2012, see General Rule in chapter 4 of
Exception 2. Of the amounts for other taxes that may
Pub. 505 to figure your share of the 2011 tax to enter on
be entered on Form 1040, line 60, do not include on line
line 14b.
12: recapture of a federal mortgage subsidy, uncollected
•
If you did not file a return for 2011 or your 2011 tax
social security and Medicare tax or RRTA tax on tips or
year was less than 12 full months, do not complete line
group-term life insurance, excise tax on excess golden
14b. Instead, enter the amount from line 14a on line 14c.
parachute payments, look-back interest due under
section 167(g) or 460(b), excise tax on insider stock
Figuring your 2011 tax. Use the following
compensation from an expatriated corporation, or
instructions to figure your 2011 tax.
additional tax on advance payments of health coverage
tax credit when not eligible. These taxes are not required
1. Form 1040—The tax shown on your 2011 Form
to be paid until the due date of your income tax return
1040 is the amount on line 61 reduced by:
(not including extensions).
a. Unreported social security and Medicare tax or
RRTA tax from Form 1040, line 57;
Recapture of first-time homebuyer credit. If you
b. Any tax included on line 58 on excess contributions
purchased a home in 2008 and claimed the first-time
to IRAs, Archer MSAs, Coverdell education savings
homebuyer credit, repayment of that credit began with
accounts, and health savings accounts, or on excess
your 2010 tax return and will continue until the credit is
accumulations in qualified retirement plans;
fully repaid. If the home ceases to be your main home,
c. Amounts on line 60 as listed under Exception 2,
then the unpaid balance of the credit is to be repaid on
earlier; and
the return for the year when the home was no longer your
d. Any refundable credit amounts on lines 64a, 65, 66,
main home.
67, and 70, and credits from Forms 8801 and 8885
If you purchased a home in 2009, 2010, or 2011 and
included on line 71.
claimed the first-time homebuyer credit, you must
2. Form 1040A—The tax shown on your 2011 Form
maintain that home as your main home for at least 36
1040A is the amount on line 35 reduced by any
months to avoid having to repay the credit.
refundable credits on lines 38a, 39, and 40.
For details about repaying the first-time homebuyer
3. Form 1040EZ—The tax shown on your 2011 Form
credit, see the Instructions for Form 5405.
1040EZ is the amount on line 10 reduced by the amount
on line 8a.
Line 14b. Prior year’s tax. Enter the 2011 tax you
figure according to the instructions in Figuring your 2011
tax unless you meet one of the following exceptions.
2012 Self-Employment Tax and Deduction Worksheet for
Lines 1 and 11 of the Estimated Tax Worksheet
Keep for Your Records
1a. Enter your expected income and profits subject to self-employment tax* . . . . . . . . . .
1a.
b. If you will have farm income and also receive social security retirement or disability
benefits, enter your expected Conservation Reserve Program payments that will be
included on Schedule F (Form 1040) or listed on Schedule K-1 (Form 1065) . . . . . . .
b.
2. Subtract line 1b from line 1a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
3. Multiply line 2 by 92.35% (.9235) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
4. Multiply line 3 by 2.9% (.029) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5. Social security tax maximum income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
$110,100
6. Enter your expected wages (if subject to social security tax or the 4.2% portion of
tier 1 railroad retirement tax) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
7. Subtract line 6 from line 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
Note. If line 7 is zero or less, enter -0- on line 9 and skip to line 10
8. Enter the smaller of line 3 or line 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
9. Multiply line 8 by 10.4% (.104) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
10. Add lines 4 and 9. Enter the result here and on line 11 of your 2012 Estimated Tax Worksheet . . . . . . . . . . . . 10.
11. Multiply line 4 by 50% (.50) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
12. Multiply line 9 by 59.6% (.596) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
13. Add lines 11 and 12. This is your expected deduction for self-employment tax on Form
1040, line 27. Subtract this amount when figuring your expected AGI on line 1 of your
2012 Estimated Tax Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
* Your net profit from self-employment is found on Schedule C (Form 1040), line 31; Schedule F (Form 1040), line 34; Schedule K-1 (Form 1065), box 14, code
A; and Schedule K-1 (Form 1065-B), box 9, code J1.
-5-
Form 1040-ES (Rev. 05-2012)
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