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Form 1041-ES for Georgia: What You Should Know

Form 1041-ES is a non-tax filing form. The annual estimated tax payment may be computed by a third-party service. The estimated tax payment is typically equal to  10 percent of the gross income of the participant and is due each April 15, the due date for tax liability. Estimated income tax is due within 4 months after the end of the taxable year to the taxpayer. Under this section, the taxpayer must complete an Estimated Tax Return and then certify it and sign and date it. What Is Estimated Income Tax? Generally speaking, the estimated income tax payment is  the payment the taxpayer is required to submit to calculate the payment due to the IRS.  The estimated tax payment includes the following income tax deductions and tax credits: 1. Qualified Education Expenses (refundable) — If a taxpayer earns income from sources not included in the gross income of the taxpayer, and the taxpayer pays qualified education expenses in excess of 100 percent of such education expenses incurred in the taxable year or during the taxable year, the taxpayer can deduct the tax paid. A taxpayer may only claim expenses that qualify as qualified education expenses if incurred for education-related expenses, and in the case of a taxpayer who earns income from sources excluded from gross income, the taxpayer may include the expenses in gross income on Form 2553. 2. Social Security and Medicare Contributions — If a taxpayer does not include in gross income an amount to calculate the federal net earnings from self-employment (FTA), the taxpayer may deduct social security and Medicare contributions. An individual cannot include in the taxpayer's gross income both self-employment income and FTA contributions.  The amount of the estimated tax payment is equal to the amount of federal net earnings from self-employment less the net earnings from self-employment. There are many circumstances that may give rise to differences between estimated tax due and tax due.  The estimated tax due may be different from the tax due on Schedule A (Form 1040) and Schedule C (Form 1040A). Under special circumstances, the individual may have filed his or her return or filed tax information returns (not the return in Form 1040) and paid the same amount for estimated income tax as the taxpayer is required to pay (see Pub. 542 for information on Form 1040A return-and-pay and Form 1040 for other forms considered for filing as a taxpayer with respect to estimated income tax).

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