IRS

Form 1040-ES

Rev. 2024

Estimated Tax for Individuals

Used by self-employed individuals, freelancers, and investors to pay taxes quarterly.

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Plain English

Form 1040-ES is used to pay estimated taxes throughout the year if you're self-employed, a freelancer, or have significant investment income. Instead of having tax withheld from a paycheck, you send quarterly payments directly to the IRS.

Quick Facts

Who: Self-employed individuals, freelancers, gig workers, independent contractors, and anyone with significant non-wage income who doesn't have enough tax withheld.
What: Quarterly estimated tax payment vouchers used to pay income tax and self-employment tax in four installments throughout the year.
When: Due quarterly: April 15, June 15, September 15, and January 15 (of next year).
Where: Paid electronically via IRS Direct Pay, EFTPS, or IRS2GO app. Or mail with payment voucher.
Why: The U.S. tax system is pay-as-you-go. Without sufficient withholding or estimated payments, you face underpayment penalties at tax time.
How: Estimate your annual income, deductions, and credits. Calculate estimated tax. Divide by 4 for quarterly payments. Submit each payment by its due date.

Common Risks & Mistakes

  • •Underestimating income — if payments are too low, penalties apply even if full tax is paid by April 15
  • •Missing quarterly deadlines — penalties calculated per quarter, not just annual total
  • •Not adjusting after a good or bad quarter — safe harbor rules allow adjustments
  • •Forgetting self-employment tax — must include both income tax AND SE tax in estimates
  • •Not using the safe harbor rule — paying 100% of prior year's tax (110% if AGI over $150k) avoids penalties

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Field-by-Field Guide

Worksheet
Expected Adjusted Gross IncomeREQUIREDamount

Estimated total income minus adjustments for the current tax year.

Estimated DeductionsREQUIREDamount

Standard or itemized deductions. Use prior-year amounts as a baseline.

Estimated Tax Creditsamount

Child tax credit, education credits, etc.

Payment
Payment AmountREQUIREDamount

Amount being paid for this quarter.

QuarterREQUIREDselect

Due Q1: Apr 15; Q2: Jun 15; Q3: Sep 15; Q4: Jan 15.

Name & SSN / EINREQUIREDtext

As shown on your tax return.

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Form Stats

6
Fields
5
Required
2
Sections

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Disclaimer: We do not provide legal advice. We translate legal language into plain English and help you prepare for a conversation with a lawyer.