Estimated Tax for Individuals Revision Date 01/28/2022

• Legal Form Number: 1040-ES
• Year: 2024
• Issuer: Treasury Department
• Section: Treasury Department

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2024

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 2024.

Estimated tax is the method used to pay tax on income

that isn’t subject to withholding (for example, earnings

from self-employment, interest, dividends, rents, alimony,

etc.). In addition, if you don’t elect voluntary withholding,

you should make estimated tax payments on other taxable

income, such as unemployment compensation and the

taxable part of your social security benefits.

Preprinted vouchers. If you made estimated tax

payments for 2023, this package may contain vouchers

that are preprinted with your name, address, and SSN.

If your name or SSN isn't correct, make the

necessary changes on the vouchers. Cross out

the name and SSN of a deceased or divorced

spouse.

Change of address. If your address has changed, file

Form 8822, to update your record.

Future developments. For the latest information about

developments related to Form 1040-ES and its

instructions, such as legislation enacted after they were

published, go to IRS.gov/Form1040ES.

Who Must Make Estimated Tax

Payments

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 Mariana

Islands, and American Samoa; and

•Nonresident aliens (use Form 1040-ES (NR)).

General Rule

In most cases, you must pay estimated tax for 2024 if both

of the following apply.

1. You expect to owe at least $1,000 in tax for 2024,

after subtracting your withholding and refundable credits.

2. You expect your withholding and refundable credits

to be less than the smaller of:

a. 90% of the tax to be shown on your 2024 tax return,

or

b. 100% of the tax shown on your 2023 tax return. Your

2023 tax return must cover all 12 months.

Note. These percentages may be different if you are a

farmer, fisherman, or higher income taxpayer. See Special

Rules, later.

Exception. You don’t have to pay estimated tax for 2024

if you were a U.S. citizen or resident alien for all of 2023

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and you had no tax liability for the full 12-month 2023 tax

year. You had no tax liability for 2023 if your total tax was

zero or you didn’t have to file an income tax return.

Special Rules

There are special rules for farmers, fishermen, certain

household employers, and certain higher income

taxpayers.

Farmers and fishermen. If at least two-thirds of your

gross income for 2023 or 2024 is from farming or fishing,

substitute 662/3% for 90% in (2a) under General Rule.

Household employers. When estimating the tax on your

2024 tax return, include your household employment

taxes 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 payments

to avoid a penalty even if you didn’t include household

employment taxes when figuring your estimated tax.

Higher income taxpayers. If your adjusted gross

income (AGI) for 2023 was more than $150,000 ($75,000

if your filing status for 2024 is married filing separately),

substitute 110% for 100% in (2b) under General Rule,

earlier. This rule doesn’t apply to farmers or fishermen.

Increase Your Withholding

If you also receive salaries and wages, you may be able to

avoid having to make estimated tax payments on your

other income by asking your employer to take more tax out

of your earnings. To do this, file a new Form W-4,

Employee's Withholding Certificate, with your employer.

Generally, if you receive a pension or annuity you can

use Form W-4P, Withholding Certificate for Periodic

Pension or Annuity Payments, to start or change your

withholding from these payments.

You can also choose to have federal income tax

withheld from certain government payments (see Form

W-4V, Voluntary Withholding Request) or from

nonperiodic payments and eligible rollover distributions

(see Form W-4R, Withholding Certificate for Nonperiodic

Payments and Eligible Rollover Distributions).

You can use the Tax Withholding Estimator at

IRS.gov/W4App to determine whether you need to

have your withholding increased or decreased.

Additional Information You May Need

You can find most of the information you will need in Pub.

505, Tax Withholding and Estimated Tax, and in the

instructions for the 2023 Form 1040 and 1040-SR.

For details on how to get forms and publications, see

the 2023 Instructions for Form 1040.

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Dec 7, 2023 Cat. No. 11340T