MayaD
Employee Tax Expert

Get your taxes done using TurboTax

You only need to send the 1040-ES when you are mailing in a check or money order.

 

The estimated tax payment is based on an estimation of your income for the current year. You can use your previous year’s taxes as a guide. As long as you pay 100 percent of the previous year's tax, you won’t be subject to the penalty. If you overpay, you will receive a refund when you file your return. 

Make sure to pay a sufficient amount and to pay the quarterly tax in a timely fashion to avoid any penalty for a particular quarter.

 

 

Form 1040-ES

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