Figure 2-B, 2011 ES Worksheet from the Instructions for 2011 Form 1040-ES

Summary: This is an example of the worksheet used to determine the amount of estimated taxes the taxpayer needs to pay. The line items to be completed are:

1. Adjusted gross income you expect in 2011 (see instructions) field
2. If you plan to itemize deductions, enter the estimated total of your itemized deductions. If you do not plan to itemize deductions, enter your standard deduction from page 2 field
3. Subtract line 2 from line 1 field
4. Exemptions. Multiply $3,700 by the number of personal exemptions. field
5. Subtract line 4 from line 3 field
6. Tax. Figure your tax on the amount on line 5 by using the 2011 Tax Rate Schedules on page 6. Caution: If you will have qualified dividends or a net capital gain, or expect to claim the foreign earned income exclusion or housing exclusion, see chapter 2 of Pub. 505 to figure the tax field
7. Alternative minimum tax from Form 6251. field
8. Add lines 6 and 7. Add to this amount any other taxes you expect to include in the total on Form 1040, line 44 field
9. Credits (see instructions). Do not include any income tax withholding on this line field
10. Subtract line 9 from line 8. If zero or less, enter 0 field
11. Self-employment tax (see instructions) field
12. Other taxes (see instructions) field
13a. Add lines 10 through 12 field
13b. Earned income credit, additional child tax credit, fuel tax credit, refundable American opportunity credit, and refundable credits from Forms 5405, 8801, 8839, and 8885 field
13c. Total 2011 estimated tax. Subtract line 13b from line 13a. If zero or less, enter 0 field
14a. Multiply line 13c by 90% (66 2/3% for farmers and fishermen) field
14b. Required annual payment based on prior year's tax (see instructions) field
14c. Required annual payment to avoid a penalty. Enter the smaller of line 14a or 14b. Caution: Generally, if you do not prepay (through income tax withholding and estimated tax payments) at least the amount on line 14c, you may owe a penalty for not paying enough estimated tax. To avoid a penalty, make sure your estimate on line 13c is as accurate as possible. Even if you pay the required annual payment, you may still owe tax when you file your return. If you prefer, you can pay the amount shown on line 13c. For details, see chapter 2 of Pub. 505. field
15. Income tax withheld and estimated to be withheld during 2011 (including income tax withholding on pensions, annuities, certain deferred income, etc.) field
16a. Subtract line 15 from line 14c. Is the result zero or less? If yes, stop here. You are not required to make estimated tax payments. If no, go to line 16b field
16b. Subtract line 15 from line 13c. Is the result less than $1,000? If yes, stop here. You are not required to make estimated tax payments. If no, go to line 17 to figure your required payment.
17. If the first payment you are required to make is due April 18, 2011, enter 1/4 of line 16a (minus any 2010 overpayment that you are applying to this installment) here, and on your estimated tax payment voucher or vouchers, if you are paying by check or money order. field

Close Window