How to Make Changes to a 1040-ES

Make necessary changes using the amended estimated tax worksheet 1040-ES Federal Tax form. If your income is the same throughout the year you may use the regular installment method to pay your quarterly taxes. Figure the annual estimated tax due and divide that amount for quarterly payments. However, if your tax liability changes, amend the estimated tax payments on form 1040-ES.

Difficulty: Moderately Easy

Instructions

1. List the total estimated tax due on Line 1 of the worksheet. Multiply Line 1 by: 50 percent if the next payment is due on June 15, 75 percent if due on September 15 or 100 percent when due on January 15. This amount goes on line 2 of the worksheet.

2. Calculate all of tax payments made for previous periods together and put this on Line 3 of the worksheet. Subtract this amount from Line 2 on the 1040-ES worksheet.

3. Input this amount on Line 4. This is the amount due for your next required payment. If the payment on Line 4 is your final payment (January 15), you stop on this step. See the Resources section for a link.

4. Add Lines 3 and 4 together and note the total on Line 5. Subtract that amount on Line 5 from your total estimated tax due (Line 1) and enter this amount on Line 6. This is the remaining tax due.

5. Figure out the amount of your next payment, which depends on the estimated tax due date. If the payment on Line 4 is due on June 15 you take half of the amount on Line 6. Enter that amount on your September 15 and January 15 payment vouchers and Line 7.

6. Fill in the payment on line 4, if it's due on September 15. Then enter the full amount of line 6 on the payment voucher for January 15 and on line 7 of the worksheet.

Tips & Warnings

• When amending your tax liability with your estimated tax vouchers if one quarter is less than 25 percent of your tax liability, you may be charged a penalty for underpayment of estimated tax for that quarter when filing your tax return.

Resources

• The 1040-ES federal tax form