Q:

What is the 1040-ES payment form used for?

A:

Quick Answer

Form 1040-ES is the estimated tax form for individuals. Form 1040-ES is used to report estimated tax on income that is not normally reported to the Internal Revenue Service, according to the IRS.

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Full Answer

Form 1040-ES is used to report tax on income not reported to the IRS and pay estimated taxes. Examples of this type of income include rent, income from self-employment, alimony, and dividends. Form 1040-ES is also used when an employee does not elect any voluntary withholdings, reports H&R Block.

As of 2015, estimated taxes are due in April, June, September and January. Individuals may use the Electronic Federal Tax Payment System to make payments to the IRS electronically. Alternatively, the Form 1040-ES voucher can be mailed to the IRS along with a check. The IRS issues an underpayment penalty if a taxpayer misses a payment on estimated taxes, states the IRS.

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