2020 Form 1040-ES - Internal Revenue Service
2020Department of the TreasuryInternal Revenue ServiceForm 1040-ESEstimated Tax for IndividualsPurpose of This PackageFarmers and fishermen. If at least two-thirds of yourgross income for 2019 or 2020 is from farming or fishing,substitute 662/3% for 90% in (2a) under General Rule.Estimated tax is the method used to pay tax on incomethat isn’t subject to withholding (for example, earningsfrom self-employment, interest, dividends, rents, alimony,etc.). In addition, if you don’t elect voluntary withholding,you should make estimated tax payments on othertaxable income, such as unemployment compensationand the taxable part of your social security benefits.Household employers. When estimating the tax on your2020 tax return, include your household employmenttaxes if either of the following applies. You will have federal income tax withheld from wages,pensions, annuities, gambling winnings, or other income. You would be required to make estimated tax paymentsto avoid a penalty even if you didn’t include householdemployment taxes when figuring your estimated tax.Use Form 1040-ES to figure and pay your estimated taxfor 2020.Change of address. If your address has changed, fileForm 8822, to update your record.Future developments. For the latest information aboutdevelopments related to Form 1040-ES and itsinstructions, such as legislation enacted after they werepublished, go to IRS.gov/Form1040ES.Who Must Make Estimated TaxPaymentsGenerally, if you receive a pension or annuity you canuse Form W-4P, Withholding Certificate for Pension orAnnuity Payments, to start or change your withholdingfrom these payments.General RuleIn most cases, you must pay estimated tax for 2020 if bothof the following apply.1. You expect to owe at least 1,000 in tax for 2020,after subtracting your withholding and refundable credits.2. You expect your withholding and refundable creditsto be less than the smaller of:a. 90% of the tax to be shown on your 2020 tax return,orb. 100% of the tax shown on your 2019 tax return.Your 2019 tax return must cover all 12 months.Note. These percentages may be different if you are afarmer, fisherman, or higher income taxpayer. SeeSpecial Rules, later.Exception. You don’t have to pay estimated tax for 2020if you were a U.S. citizen or resident alien for all of 2019and you had no tax liability for the full 12-month 2019 taxyear. You had no tax liability for 2019 if your total tax waszero or you didn’t have to file an income tax return.There are special rules for farmers, fishermen, certainhousehold employers, and certain higher incometaxpayers.Feb 06, 2020Increase Your WithholdingIf you also receive salaries and wages, you may be able toavoid having to make estimated tax payments on yourother income by asking your employer to take more taxout of your earnings. To do this, file a new Form W-4,Employee's Withholding Certificate, with your employer.The estimated tax rules apply to: U.S. citizens and resident aliens; Residents of Puerto Rico, the U.S. Virgin Islands,Guam, the Commonwealth of the Northern MarianaIslands, and American Samoa; and Nonresident aliens (use Form 1040-ES (NR)).Special RulesHigher income taxpayers. If your adjusted grossincome (AGI) for 2019 was more than 150,000 ( 75,000if your filing status for 2020 is married filing separately),substitute 110% for 100% in (2b) under General Rule,earlier. This rule doesn’t apply to farmers or fishermen.You also can choose to have federal income taxwithheld from certain government payments. For details,see Form W-4V, Voluntary Withholding Request.You can use the Tax Withholding Estimator atTIP IRS.gov/W4App to determine whether you needto have your withholding increased or decreased.Additional Information You May NeedYou can find most of the information you will need in Pub.505, Tax Withholding and Estimated Tax, and in theinstructions for the 2019 Form 1040 and 1040-SR.For details on how to get forms and publications, seethe 2019 Instructions for Form 1040 and 1040-SR.What's NewIn figuring your 2020 estimated tax, be sure to considerthe following.Extended tax provisions. Recent legislation extendedcertain tax benefits that had expired at the end of 2017through 2020. These tax benefits include the following. Tuition and fees deduction. Deduction for mortgage insurance premiums. Nonbusiness energy property credit. Alternative fuel vehicle refueling credit.Cat. No. 11340T
Indian employment credit.renew it. For more information, see the Instructions forForm W-7.Standard deduction amount increased. For 2020, thestandard deduction amount has been increased for allfilers. If you don't itemize your deductions, you can takethe 2020 standard deduction listed in the following chartfor your filing status.Married filing jointly orQualifying widow(er) 24,800Advance payments of the premium tax credit. If youbuy health care insurance through the Health InsuranceMarketplace, you may be eligible for advance paymentsof the premium tax credit to help pay for your insurancecoverage. Receiving too little or too much in advance willaffect your refund or balance due. Promptly reportchanges in your income or family size to yourMarketplace. See Form 8962 and its Instructions for moreinformation.Head of household 18,650How To Figure Your Estimated TaxSingle or Married filing separately 12,400IF your 2020 filing status is.THEN your standarddeduction is.You will need: The 2020 Estimated Tax Worksheet, The Instructions for the 2020 Estimated Tax Worksheet, The 2020 Tax Rate Schedules, and Your 2019 tax return and instructions to use as a guideto figuring your income, deductions, and credits (but besure to consider the items listed under What's New,earlier).However, if you can be claimed as a dependent onanother person's 2020 return, your standard deduction isthe greater of: 1,100, or Your earned income plus 350 (up to the standarddeduction amount).Your standard deduction is increased by the followingamount if, at the end of 2020, you are: An unmarried individual (single or head of household)and are:65 or older or blind . . . . . . . . . . . . . . . . . . . . . . . .65 or older and blind . . . . . . . . . . . . . . . . . . . . . . .Matching estimated tax payments to income. If youreceive your income unevenly throughout the year (forexample, because you operate your business on aseasonal basis or you have a large capital gain late in theyear), you may be able to lower or eliminate the amount ofyour required estimated tax payment for one or moreperiods by using the annualized income installmentmethod. See chapter 2 of Pub. 505 for details. 1,650 3,300Changing your estimated tax. To amend or correctyour estimated tax, see How To Amend Estimated TaxPayments, later. A married individual (filing jointly or separately) or aqualifying widow(er) and are:You can’t make joint estimated tax payments ifyou or your spouse is a nonresident alien, you areCAUTION separated under a decree of divorce or separatemaintenance, or you and your spouse have different taxyears.65 or older or blind . . . . . . . . . . . . . . . . . . . . . . . . 1,30065 or older and blind . . . . . . . . . . . . . . . . . . . . . . . 2,600Both spouses 65 or older . . . . . . . . . . . . . . . . . . . . 2,600*Both spouses 65 or older and blind . . . . . . . . . . . . . . 5,200**Only if married filing jointly. If married filing separately, theseamounts do not apply.!Additionally, individuals who are in registered domesticpartnerships, civil unions, or other similar formalrelationships that aren’t marriages under state law cannotmake joint estimated tax payments. These individuals cantake credit only for the estimated tax payments that he orshe made.Your standard deduction is zero if (a) your spouseitemizes on a separate return, or (b) you were aCAUTION dual-status alien and you do not elect to be taxedas a resident alien for 2020.!Payment Due DatesSocial security tax. For 2020, the maximum amount ofearned income (wages and net earnings fromself-employment) subject to the social security tax is 137,700.You can pay all of your estimated tax by April 15, 2020, orin four equal amounts by the dates shown below.1st payment . . . .2nd payment . . .3rd payment . . . .4th payment . . . .Adoption credit or exclusion. For 2020, the maximumadoption credit or exclusion for employer-providedadoption benefits has increased to 14,300 In order toclaim either the credit or exclusion, your modified adjustedgross income must be less than 254,520. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .April 15, 2020June 15, 2020Sept. 15, 2020Jan. 15, 2021** You don’t have to make the payment due January 15,2021, if you file your 2020 tax return by February 1, 2021,and pay the entire balance due with your return.RemindersIndividual taxpayer identification number (ITIN) renewal. If you were assigned an ITIN before January 1,2013, or if you have an ITIN that you haven’t included on atax return in the last 3 consecutive years, you may need toIf you mail your payment and it is postmarked by thedue date, the date of the U.S. postmark is considered thedate of payment. If your payments are late or you didn’tpay enough, you may be charged a penalty for-2-Form 1040-ES (2020)
estimated tax payment for a previous period is less thanone-fourth of your amended estimated tax, you may owe apenalty when you file your return.underpaying your tax. See When a Penalty Is Applied,later.You can make more than four estimated taxWhen a Penalty Is AppliedTIP payments. To do so, make a copy of one of yourunused estimated tax payment vouchers, fill it in,and mail it with your payment. If you make more than fourpayments, to avoid a penalty, make sure the total of theamounts you pay during a payment period is at least asmuch as the amount required to be paid by the due datefor that period. For other payment methods, see How ToPay Estimated Tax, later.In some cases, you may owe a penalty when you file yourreturn. The penalty is imposed on each underpayment forthe number of days it remains unpaid. A penalty may beapplied if you didn’t pay enough estimated tax for the yearor you didn’t make the payments on time or in the requiredamount. A penalty may apply even if you have anoverpayment on your tax return.No income subject to estimated tax during first payment period. If, after March 31, 2020, you have a largechange in income, deductions, additional taxes, or creditsthat requires you to start making estimated tax payments,you should figure the amount of your estimated taxpayments by using the annualized income installmentmethod, explained in chapter 2 of Pub. 505. If you use theannualized income installment method, file Form 2210,including Schedule AI, with your 2020 tax return even if nopenalty is owed.The penalty may be waived under certain conditions.See the Instructions for Form 2210 for details.How To Pay Estimated TaxPay OnlineIRS offers an electronic payment option that is right foryou. Paying online is convenient and secure and helpsmake sure we get your payments on time. To pay yourtaxes online or for more information, go to IRS.gov/Payments. You can pay using any of the followingmethods. IRS Direct Pay. For online transfers directly from yourchecking or savings account at no cost to you, go toIRS.gov/Payments. Pay by Card. To pay by debit or credit card, go toIRS.gov/Payments. A convenience fee is charged bythese service providers. Electronic Fund Withdrawal (EFW) is an integratede-file/e-pay option offered when filing your federal taxeselectronically using tax preparation software, through atax professional, or the IRS at IRS.gov/Payments. Online Payment Agreement. If you can’t pay in full bythe due date of your tax return, you can apply for an onlinemonthly installment agreement at IRS.gov/Payments.Once you complete the online process, you will receiveimmediate notification of whether your agreement hasbeen approved. A user fee is charged. IRS2Go is the mobile application of the IRS; you canaccess Direct Pay or Pay By Card by downloading theapplication.Farmers and fishermen. If at least two-thirds of yourgross income for 2019 or 2020 is from farming or fishing,you can do one of the following. Pay all of your estimated tax by January 15, 2021. File your 2020 Form 1040 or 1040-SR by March 1,2021, and pay the total tax due. In this case, 2020estimated tax payments aren’t required to avoid a penalty.Fiscal year taxpayers. You are on a fiscal year if your12-month tax period ends on any day except December31. Due dates for fiscal year taxpayers are the 15th day ofthe 4th, 6th, and 9th months of your current fiscal year andthe 1st month of the following fiscal year. If any paymentdate falls on a Saturday, Sunday, or legal holiday, use thenext business day. See Pub. 509 for a list of all legalholidays.Name ChangeIf you changed your name because of marriage, divorce,etc., and you made estimated tax payments using yourformer name, attach a statement to the front of your 2020paper tax return. On the statement, show all of theestimated tax payments you (and your spouse, if filingjointly) made for 2020 and the name(s) and SSN(s) underwhich you made the payments.Pay by PhonePaying by phone is another safe and secure method ofpaying electronically. Use one of the following methods :(1) call one of the debit or credit card service providers or(2) the Electronic Federal Tax Payment System (EFTPS).Be sure to report the change to your local SocialSecurity Administration office before filing your 2020 taxreturn. This prevents delays in processing your return andissuing refunds. It also safeguards your future socialsecurity benefits. For more details, call the Social SecurityAdministration at 800-772-1213 (TTY/TDD800-325-0778).Debit or credit card. Call one of our service providers.Each charges a fee that varies by provider, card type, andpayment amount.Link2Gov Corporation1-888-PAY-1040TM (1-888-729-1040)www.PAY1040.comHow To Amend Estimated TaxPaymentsWorldPay US, Inc.1-844-729-8298 (1-844-PAY-TAX-8TM)www.payUSAtax.comTo change or amend your estimated tax payments,refigure your total estimated tax payments due (see the2020 Estimated Tax Worksheet). Then, to figure thepayment due for each remaining payment period, seeAmended estimated tax in chapter 2 of Pub. 505. If anForm 1040-ES (2020)-3-
Official Payments1-888-UPAY-TAXTM (1-888-872-9829)www.officialpayments.comhave an IRS Individual Taxpayer Identification Number(ITIN), enter it wherever your SSN is requested. If filing ajoint voucher, also enter your spouse's name and SSN.List the names and SSNs in the same order on the jointvoucher as you will list them on your joint return. Enter in the box provided on the estimated tax paymentvoucher only the amount you are sending in by check ormoney order. When making payments of estimated tax,be sure to take into account any 2019 overpayment thatyou choose to credit against your 2020 tax, but don’tinclude the overpayment amount in this box. Make your check or money order payable to “UnitedStates Treasury.” Don’t send cash. To help process yourpayment accurately, enter the amount on the right side ofthe check like this: XXX.XX. Don’t use dashes or lines(for example, don’t enter “ XXX—” or “ XXX xx/100”). Enter “2020 Form 1040-ES” and your SSN on yourcheck or money order. If you are filing a joint estimated taxpayment voucher, enter the SSN that you will show first onyour joint return. Enclose, but don’t staple or attach, your payment withthe estimated tax payment voucher.Notice to taxpayers presenting checks. When youprovide a check as payment, you authorize us either touse information from your check to make a one-timeelectronic fund transfer from your account or to processthe payment as a check transaction. When we useinformation from your check to make an electronic fundtransfer, funds may be withdrawn from your account assoon as the same day we receive your payment, and youwill not receive your check back from your financialinstitution.No checks of 100 million or more accepted. TheIRS can’t accept a single check (including a cashier’scheck) for amounts of 100,000,000 ( 100 million) ormore. If you are sending 100 million or more by check,you will need to spread the payment over 2 or morechecks with each check made out for an amount less than 100 million. This limit doesn’t apply to other methods ofpayment (such as electronic payments). Please considera method of payment other than check if the amount of thepayment is over 100 million.EFTPS. To use EFTPS, you must be enrolled eitheronline or have an enrollment form mailed to you. To makea payment using EFTPS, call 1-800-555-4477 (English) or1-800-244-4829 (Español). People who are deaf, hard ofhearing, or have a speech disability and who have accessto TTY/TDD equipment can call 1-800-733-4829. Formore information about EFTPS, go to IRS.gov/Paymentsor www.EFTPS.gov.Mobile DeviceTo pay through your mobile device, download the IRS2Goapp.Pay by CashCash is an in-person payment option for individualsprovided through retail partners with a maximum of 1,000 per day per transaction. To make a cash payment,you must first be registered online atwww.officialpayments.com/fed, our Official Paymentprovider.Pay by Check or Money Order Using theEstimated Tax Payment VoucherBefore submitting a payment through the mail using theestimated tax payment voucher, please consideralternative methods. One of our safe, quick, and easyelectronic payment options might be right for you.If you choose to mail in your payment, there is aseparate estimated tax payment voucher for each duedate. The due date is shown in the upper right corner.Complete and send in the voucher only if you are makinga payment by check or money order. If you and yourspouse plan to file separate returns, file separatevouchers instead of a joint voucher.To complete the voucher, do the following. Print or type your name, address, and SSN in the spaceprovided on the estimated tax payment voucher. If you-4-Form 1040-ES (2020)
Where To File Your Estimated Tax Payment Voucher if Paying by Check or Money OrderMail your estimated tax payment voucher and check or money order to the addressshown below for the place where you live. Do not mail your tax return to this address orsend an estimated tax payment without a payment voucher. Also, do not mail yourestimated tax payments to the address shown in the Form 1040 and 1040-SRinstructions. If you need more payment vouchers, you can make a copy of one of yourunused vouchers.Arkansas, Connecticut, District ofColumbia, Georgia, Indiana, Iowa,Kentucky, Maryland, Missouri, NewJersey, Oklahoma, Rhode Island,Tennessee, Virginia, West VirginiaCaution: For proper delivery of your estimated tax payment to a P.O. box, you mustinclude the box number in the address. Also, note that only the U.S. Postal Service candeliver to P.O. boxes. Therefore, you cannot use a private delivery service to makeestimated tax payments required to be sent to a P.O. box.Delaware, Maine, Massachusetts,New Hampshire, New York,Pennsylvania, VermontIF you live in . . .Alabama, Florida, Louisiana,Mississippi, North Carolina, SouthCarolina, TexasAlaska, California, Hawaii, WashingtonArizona, Colorado, Idaho, Illinois,Kansas, Michigan, Minnesota,Montana, Nebraska, New Mexico,Nevada, North Dakota, Ohio, Oregon,South Dakota, Utah, Wisconsin,WyomingTHEN send it to “Internal RevenueService” at . . .A foreign country, American Samoa,or Puerto Rico (or are excludingincome under Internal RevenueCode 933) or use an APO or FPOaddress, or file Form 2555 or 4563,or are a dual-status alien ornonpermanent resident of Guam orthe U.S. Virgin IslandsInternal Revenue ServiceP.O. Box 931100Louisville, KY 40293-1100Internal Revenue ServiceP.O. Box 37007Hartford, CT 06176-7007Internal Revenue ServiceP.O. Box 1300Charlotte, NC 28201-1300USAInternal Revenue ServiceP.O. Box 1300Charlotte, NC 28201-1300Guam:Bona fide residents
Page 1 of 6 10:24 - 6-Feb-2020 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. 2020 Form 1040-ES Estimated Tax for Individuals Department of the Treasury Internal Revenue Service Purpose of This Package Use Form 1040-ES to figure and pay your estimated tax for 2020.
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1212 Guide to Original Issue Discount (OID) Instruments. Form (and Instructions) Schedule B (Form 1040 or 1040-SR) Interest and Ordinary Dividends. Schedule D (Form 1040 or 1040-SR) Capital Gains and Losses. 1040 U.S. Individual Income Tax Return and . 1040-SR U.S. Income Tax Return for Seniors. 1099 General Instructions for Certain Information .
Schedule B (Form 1040) Schedule D (Form 1040) Schedule D (Form 1041) Schedule D (Form 1065) Schedule D (Form 1120) Schedule D (Form 1120-S) 1040 1040-NR 1040-SR 1120 1120-F 4797 6252 8594 8949 8997 The installment sales method can’t be used for the following. Sale of inventory. The re
Form 1040 Instructions ; Form 1040 Instructions Schedule SE (Form 1040) Schedule SE (Form 1040), Self-Employment Tax Form 1098- E . Form 1098- E, Student Loan Interest Statement Form 1098- T . Form 1098- T, Tuition Statement Form 1099-INT . Form 1099-INT, Interest Income
2. Complete Form 8962 to claim the credit and to reconcile your advance credit payments. 3. Include Form 8962 with your Form 1040, Form 1040-SR, or Form 1040-NR. (Don t include Form 1095-A.) Health Coverage Reporting. If you or someone in your family was an employee in 2020, the employer may be required to send you Form
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