Where Form 2220 Amend 2023-2024

Instead of actually calculating a detailed tax return every quarter, the IRS provides an estimated tax worksheet to calculate your estimated tax payments. As you calculate your payment each quarter, if there are changes in your estimates about the total income you've received so far or that you will receive all year, simply update the amounts in the calculation. The quarters and related payment due dates for estimated taxes are shown here. There are different due dates based on when you began receiving income during the year, including extended due dates for the quarter in which income was first received. Estimated taxes are reported on line 65 of the individual tax form as a payment. All of the submitted tax payments will offset the total tax calculated on your return, on line 63, which includes your self-employment taxes under the other tax section. Be sure to maintain a copy of the completed estimated tax worksheet each quarter, showing how you calculated the quarterly payment and whether it was required or not. You do not submit this worksheet with your quarterly tax payment or your tax return, but you should keep it for your records. You should also write down and document how you made any calculations, as this shows good due diligence and good record-keeping habits in the event you are audited or if there was a discrepancy. To make quarterly estimated tax payments, you can pay by check or money order, over the phone, or online. You can also make estimated tax payments by selecting to put your income tax refund directly towards a payment instead of receiving it back personally. To pay online, go to IRS.gov/payments, where you can select whether to pay out of your bank account or using a credit card. The IRS has numerous programs...