Q:

What is a 1040-ES payment voucher?

A:

Quick Answer

The 1040-ES voucher is the voucher used to submit estimated quarterly tax payments, Laws.com explains. Businesses and individuals can use this form to submit quarterly tax payments.

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Full Answer

The 1040-ES voucher is part of IRS Form 1040-ES, used by taxpayers who need to submit quarterly taxes to the Internal Revenue Service. Those who have income not subject to withholding taxes make quarterly payments, such as income from self-employment wages or rental payments, Laws.com states.

Form 1040-ES comes with four tax payment vouchers, one voucher for each of the four quarters. A taxpayer can use the instructions that come with form 1040-ES to properly calculate the tax payment based on the income amounts he is reporting, and the taxpayer can refer to the previous year's tax return to get the most accurate payment estimate, TurboTax explains. The estimated income and tax payment amounts are filled in on the 1040-ES voucher, and the taxpayer submits this voucher with his payment. When the time comes for the taxpayer to file his income tax return, if he overpaid his estimated taxes, he receives a tax refund. Subsequently, if the taxpayer underpaid his estimated taxes, the IRS collects payment at the time the tax return is filed.

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