2015 Form 1040-ES Estimated Tax for Individual

Standard deduction. If you do not itemize your
deductions, you can take the 2015 standard deduction
listed in the following chart for your filing status.
IF your 2015 filing status is...
THEN your standard
deduction is...
Married filing jointly or
Qualifying widow(er)
$12,600
Head of household $9,250
Single or Married filing separately $6,300
However, if you can be claimed as a dependent on
another person's 2015 return, your standard deduction is
the greater of:
$1,050, or
Your earned income plus $350 (up to the standard
deduction amount).
Your standard deduction is increased by the following
amount if, at the end of 2015, you are:
An unmarried individual (single or head of household)
and are:
65 or older or blind
. . . . . . . . . . . . . . . . . . . . . . . .
$1,550
65 or older and blind
. . . . . . . . . . . . . . . . . . . . . . .
$3,100
A married individual (filing jointly or separately) or a
qualifying widow(er) and are:
65 or older or blind
. . . . . . . . . . . . . . . . . . . . . . . .
$1,250
65 or older and blind
. . . . . . . . . . . . . . . . . . . . . . .
$2,500
Both spouses 65 or older
. . . . . . . . . . . . . . . . . . . .
$2,500*
Both spouses 65 or older and blind
. . . . . . . . . . . . . .
$5,000*
* If married filing separately, these amounts apply only if you can
claim an exemption for your spouse.
Your standard deduction is zero if (a) your
spouse itemizes on a separate return, or (b) you
were a dual-status alien and you do not elect to
be taxed as a resident alien for 2015.
Personal exemption amount increased for certain
taxpayers. For tax years beginning in 2015, the personal
exemption amount is increased to $4,000 for taxpayers
with adjusted gross incomes below $154,950. The
personal exemption amount for taxpayers with adjusted
gross incomes above this amount may be reduced.
Limitation on itemized deductions. For tax year 2015,
itemized deductions for taxpayers with adjusted gross
income above $154,950 may be reduced.
Social security tax. For 2015, the maximum amount of
earned income (wages and net earnings from
self-employment) subject to the social security tax is
$118,500.
Reminders
Health care coverage. When you file your 2015 tax
return in 2016, you will need to either (1) indicate on your
return that you and your family had health care coverage
CAUTION
!
throughout 2015, (2) claim an exemption from the health
care coverage requirement for some or all of 2015, or (3)
make a payment if you do not have coverage or an
exemption(s) for all 12 months of 2015. See Form 8965
and its instructions for more information.
Advance payments of the premium tax credit. If you
buy health care insurance through the Health Insurance
Marketplace, you may be eligible for advance payments
of the premium tax credit to help pay for your insurance
coverage. Receiving too little or too much in advance will
affect your refund or balance due. Promptly report
changes in your income or family size to your
Marketplace. You may want to consider this when figuring
your estimated taxes for 2015. See Form 8962 and its
instructions for more information.
How To Figure Your Estimated Tax
You will need:
The 2015 Estimated Tax Worksheet,
The Instructions for the 2015 Estimated Tax
Worksheet,
The 2015 Tax Rate Schedules, and
Your 2014 tax return and instructions to use as a guide
to figuring your income, deductions, and credits (but be
sure to consider the items listed under What's New,
earlier).
Matching estimated tax payments to income. If you
receive your income unevenly throughout the year (for
example, because you operate your business on a
seasonal basis or you have a large capital gain late in the
year), you may be able to lower or eliminate the amount of
your required estimated tax payment for one or more
periods by using the annualized income installment
method. See chapter 2 of Pub. 505 for details.
Changing your estimated tax. To amend or correct
your estimated tax, see How To Amend Estimated Tax
Payments, later.
You cannot make joint estimated tax payments if
you or your spouse is a nonresident alien, you are
separated under a decree of divorce or separate
maintenance, or you and your spouse have different tax
years.
Additionally, individuals of the same sex and opposite sex
who are in registered domestic partnerships, civil unions,
or other similar formal relationships that are not marriages
under state law cannot make joint estimated tax
payments. These individuals can take credit only for the
estimated tax payments that he or she made.
Payment Due Dates
You can pay all of your estimated tax by April 15, 2015, or
in four equal amounts by the dates shown below.
CAUTION
!
-2- Form 1040-ES (2015)
Page 2/12
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2015 Form 1040-ES Estimated Tax for Individual PDF

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