Tax Trails - Do You Have to Pay Estimated Tax?
Note: This tax trail is intended for taxpayers (and their spouses if filing jointly) who on the last day of the tax year are U.S. citizens OR resident aliens for the entire year. If you are a taxpayer who is a nonresident alien, please refer to Form 1040-ES (NR) (.pdf), U.S. Estimated Tax for Nonresident Alien Individuals, for further information pertaining to estimated taxes.
Do you expect to owe $1,000 or more for the current tax year after subtracting income tax withholding and refundable credits* from your total tax? (Do not subtract any estimated tax payment.)
*Use the refundable credits shown on the 2014 Estimated Tax Worksheet, line 13b of Form 1040-ES (.pdf), Estimated Tax for Individuals.