Page 7 - IRS Individual Tax Forms

How To Figure Your ! We don’t send noticesreminding payments you made for 2020 and the
name and identifying number under which
you to make your estimatedtax
Estimated Tax CAUTION payments. You must make each you made thepayments.
You will need: payment by the duedate. If your identifying number is a social
• The 2020 Estimated TaxWorksheet. security number (SSN), be sure toreport
• The Instructions for the 2020Estimated If you mail your payment in the United the change to your local Social Security
Tax Worksheet. States and it is postmarked by the due Administration office before filing your
• The 2020 Tax Rate Schedules for your date, the date of the U.S. postmark is 2020 tax return. This prevents delays in
filing status.* considered the date of the payment. If processing your return and issuing
• Your 2019 tax return and instructionsto your payments are late or you didn’t pay refunds. It also safeguards your future
use as a guide to figuring your income, enough, you may be charged a penalty for social security benefits. For moredetails,
deductions, and credits (but be sure to underpaying your tax. See When a call the Social Security Administration at
consider the items listed under What's Penalty Is Applied,later. 1-800-772-1213 (for TTY/TDD, call
New, earlier). You can make more thanfour 1-800-325-0778) or go toSSA.gov.
* If you are married, you generally must TIP estimated tax payments. To doso, If your identifying number is an
use Tax Rate Schedule Y. For exceptions, make a copy of one of your IRS-issued individual taxpayer
see chapter 5 of Pub.519. unused estimated tax payment vouchers, identification number (ITIN), youdon’t
fill it in, and mail it with your payment. If have to contact the Social Security
Matching estimated tax payments to you make more than four payments, to Administration.
income. If you receive your income avoid a penalty, make sure the total of the
unevenly throughout the year (for amounts you pay during a paymentperiod How To Amend Estimated
example, because you operate your is at least as much as the amount required
business on a seasonal basis or you have to be paid by the due date for that period. Tax Payments
a large capital gain late in the year), you For other payment methods, see How To To change or amend your estimated tax
may be able to lower or eliminate the Pay Estimated Tax, later. payments, refigure your total estimatedtax
amount of your required estimated tax payments due (see the 2020 Estimated
payment for one or more periods by using No income subject to estimated tax Tax Worksheet, later). Then, to figure the
the annualized income installment during first payment period. If, after payment due for each remaining payment
method. See chapter 2 of Pub. 505 for March 31, 2020, you have a large change period, see Amended estimated tax under
details. in income, deductions, additional taxes, or Regular Installment Method in chapter 2 of
Changing your estimated tax. To credits that requires you to start making Pub. 505. If an estimated tax payment for a
amend or correct your estimated tax, see estimated tax payments, you shouldfigure previous period is less than one-fourth of
HowTo Amend Estimated Tax Payments, the amount of your estimated tax your amended estimated tax, you may
later. payments by using the annualized income owe a penalty when you file your return.
You can’t make joint estimatedtax installment method, explained in chapter2 When a Penalty IsApplied
of Pub. 505. If you use the annualized
! payments if you or your spouse is income installment method, file Form In some cases, you may owe a penalty
CAUTION a nonresident alien, you are 2210, including Schedule AI, with your when you file your return. The penalty is
separated under a decree of divorce or 2020 tax return even if no penalty is owed. imposed on each underpayment for the
separate maintenance, or you and your Farmers and fishermen. If at least number of days it remains unpaid. A
spouse have different taxyears. two-thirds of your gross income for 2019 penalty may be applied if you didn’t pay
or 2020 is from farming or fishing, you can enough estimated tax for the year or you
Payment Due Dates do one of the following. didn’t make the payments on time or in the
required amount. A penalty may apply
If you have wages subject to U.S. income • Pay all of your estimated tax by January even if you have an overpayment on your
tax withholding, you can pay all of your 15,2021. tax return.
estimated tax by April 15, 2020, or in four • File your 2020 Form 1040-NR by March
equal amounts by the dates shown below. 1, 2021, and pay the total tax due. In this The penalty may be waived under
case, 2020 estimated tax payments aren’t certain conditions. See chapter 4 of Pub.
required to avoid apenalty. 505 for details.
1st payment . . . . . Apr. 15, 2020
2nd payment . . . . Jun. 15, 2020 Fiscal year taxpayers. You are on a How To Pay Estimated Tax
3rd payment . . . . . Sep. 15, 2020 fiscal year if your 12-month tax period The following are various methods by
4th payment . . . . . Jan. 15, 2021* ends on any day except December 31. which you can pay your estimated taxes.
* You don’t have to make the payment due January 15, Due dates for fiscal year taxpayers are the When making payments of estimated tax,
2021, if you file your 2020 Form 1040-NR or 15th day of the 4th (if applicable), 6th, and
1040-NR-EZ by February 1, 2021, and pay the entire 9th months of your current fiscal year and be sure to take into account any 2019
balance due with yourreturn. the 1st month of the following fiscal year. If overpayment that you choose to credit
any payment date falls on a Saturday, against your 2020 tax. Use the Record of
Sunday, or legal holiday, use the next Estimated Tax Payments table, later, to
keep track of the payments you made and
If you don’t have wages subject to U.S. business day. See Pub. 509 for a list of all any overpayment credit you areapplying.
income tax withholding, you can pay all of legal holidays.
your estimated tax by June 15, 2020, or Pay Online
you can pay it in three installments. If you Name Change IRS offers an electronic payment option
pay the tax in threeinstallments: If you changed your name because of that is right for you. Paying online is
• /2 is due by June 15,2020; marriage, divorce, etc., and you made convenient and secure and helps make
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• /4 is due by September 15, 2020; and estimated tax payments using your former sure we get your payments on time. To
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• /4 is due by January 15,2021. name, attach a statement to the front of pay your taxes online or for more
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your 2020 paper income tax return. On the information, go to IRS.gov/Payments.You
statement, show all of the estimated tax
Form 1040-ES (NR) 2020
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