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1545-0087 This package is primarily for first-time filers of estimated tax

1545-0087 This package is primarily for first-time filers of estimated tax-2025

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The document is the 2002 Form 1040-ES, which provides instructions for individuals to calculate and pay their estimated taxes. It is primarily aimed at first-time filers who may owe taxes on income not subject to withholding, such as self-employment earnings, interest, and dividends. The form outlines who must make estimated tax payments, payment due dates, methods of payment (including check, electronic funds withdrawal, and credit card), and details about various tax credits and deductions applicable for the year. Additionally, it includes worksheets to help taxpayers estimate their tax liability.

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Why am I being asked to pay estimated taxes?

Estimated quarterly taxes are for anyone that would have a balance due after withholding is taken into account. You may have had low withholding, rental or self employed income or investment income that causes the balance due. You can also receive a penalty for having a balance due and not paying estimated payments.

Is it okay to pay all estimated taxes at once?

Answer: Generally, if you determine you need to make estimated tax payments for estimated income tax and estimated self-employment tax, you can make quarterly estimated tax payments or pay all of the amount due on the first quarterly payment due date.

Is TurboTax good for first time tax filers?

Using TurboTax makes the tax filing process simple because it walks you through a series of questions, fills out the right forms and helps ensure you claim all the right credits and deductions.

What is the 110% rule for estimated tax payments?

If your previous years adjusted gross income was more than $150,000 (or $75,000 for those who are married and filing separate returns last year), you will have to pay in 110 percent of your previous years taxes to satisfy the safe-harbor requirement.

How do you avoid the penalty for underpayment of estimated tax?

If you owe more than $1,000 when you calculate your taxes, you could be subject to an underpayment of estimated tax penalty. To avoid this you should make payments throughout the year via tax withholding from your paycheck or estimated quarterly payments, or both.

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Why is TurboTax saying I need to make estimated payments?

Why Does My Tax Return Have a 1040-ES Payment Voucher? The 1040-ES forms are generated in case you want to take advantage of them and pay estimated tax. TurboTax automatically does that when you owe when you file. Using the vouchers and paying estimated tax is optional.

How do I get my underpayment penalty waived?

Penalty waiver A waiver can be filed by filling out Part II of Form 2210 and attaching the required documentation detailed in the Form 2210 instructions.

How do I avoid penalties for underpayment of estimated taxes?

Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is

1545-0087 This package is primarily for first-time filers of estimated tax-2025

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Why am I being asked to pay estimated taxes?

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What is the 110% rule for estimated tax payments?

How do you avoid the penalty for underpayment of estimated tax?

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Why is TurboTax saying I need to make estimated payments?

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How do I avoid penalties for underpayment of estimated taxes?

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