2024 1040-ES Form and Instructions

What Is Form 1040-ES?

Form 1040-ES is used to calculate and mail-in estimated tax payments prior to filing your annual 1040 income tax return. Any income you earn that is not subject to federal withholding tax might require that you submit quarterly estimated tax payments.

Self-employed individuals who file Schedule C, Schedule C-EZ, Schedule F, and Schedule SE are most often required to file quarterly estimated tax payments. Estimated tax, however, is not limited to the self-employed, farming, and fishing. Income from interest and dividends, rental real estate, royalties, alimony, and other types of income may also be subject to quarterly estimated tax payment.

Who Must Make Estimated Tax Payments?

US citizens, commonwealth residents, resident alien individuals, and nonresident alien individuals in general must make estimated tax payments if both of the following apply for the 2024 calendar year:

1. You expect to owe at least $1,000 in federal income tax.
2. You expect your withholding and credits to total less than the smaller of:
   1. 100% of the tax reported on your 2023 tax return,
   2. 90% of the tax you will report on your 2024 tax return.

The withholding and tax credits wording provided by the IRS is confusing to most taxpayers. If you expect to owe at least $1,000 in federal income taxes, assume that you need to make estimated tax payments. Then, complete the 2024 Estimated Tax Worksheet found on page 8 of the form to determine if you indeed are required to make quarterly estimated tax payments.

Printable Form 1040-ES, Instructions, Vouchers

The following tables and worksheets are included inside each of the Form 1040-ES PDF file listed above:

• Form 1040-ES
• Form 1040-ES Instructions
• Payment Voucher 1, 2, 3, and 4
• Mailing Address
• Estimated Tax Worksheet
• Record of Estimated Tax Payments
• Self-Employment Tax and Deduction Worksheet
• Tax Rate Schedules

Form 1040-ES is generally published in February of each year by the IRS. Prior year forms are included above for comparison and reference.

When Are 2024 Estimated Tax Payments Due?

Your first estimated tax payment is due on April 15, 2024. Roughly each quarter you will mail an estimated tax payment voucher with a check to the IRS. Here are the quarterly due dates for the 2024 tax year:

• April 15, 2024
• June 17, 2024
• September 16, 2024
• January 15, 2025

Each quarterly estimated tax payment should be postmarked on or before the quarterly due date. Please read the 2024 Form 1040-ES instructions to confirm your due dates and to obtain the correct mailing address.

What Happens If You Pay Your Estimated Taxes Late?

If you keep missing estimated tax payment deadlines, the IRS may decide to apply a penalty when you file your annual income tax return. The 2024 Form 1040-ES instructions discuss when a penalty is applied and how to amend estimated tax payments.

In practical terms, if you are late paying your estimated taxes, catch up as soon as you can. If you missed the first, second, third, or fourth payment by two days, 20 days, or more, don't skip it. You owe this money to the IRS regardless of the timing.

Also keep in mind that you can change the quarterly payment amount. In April, for example, you might have calculated four quarterly estimated tax payments of $2,500. Then by June, your year-to-date business profit is much lower than expected.

Use the 2024 Estimated Tax Worksheet provided in conjunction with your balance of year revenue forecast to adjust payments downward or upward. Keep such calculations with your tax records so that you can request the removal of any timing penalties in writing.

Where to Mail Form 1040-ES

If you are mailing Form 1040-ES with a check or money order, send it to the IRS address provided in the form instructions, which varies based on your state of residence. Each quarterly payment should be mailed by the specified due dates (typically April, June, September, and January of the following year). If you prefer, payments can be made online through the IRS Direct Pay service or other electronic payment options listed in the Form 1040-ES instructions.

Last updated: November 8, 2024

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