Form 1040-ES, Estimated Tax for Individuals
Form 1040-ES, Estimated Tax for Individuals, helps you to calculate estimated taxes you'll need to pay in the current year. While Form 1040 relates to the previous tax year, the estimated tax form calculates taxes for the current year.
Use Form 1040-ES to withhold (pre-pay) taxes that won't be withheld by wages, such as for self-employment or any other income you are liable to pay taxes on.
If you wait and pay the taxes all at once at the end of the year, you could face penalties for under withholding.
Relevant links –
- Do I need to make estimated tax payments to the IRS?
- Entering your estimated tax payments in TurboTax