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Form 1040-ES (NR) Minnesota Hennepin: What You Should Know
For example, if your tax return showed a refund, and you were required to file a Form 1040 in 2018, the IRS would send Form 1040-ES to fill out and forward as soon as possible. How to Determine Estimated Tax (Form 1040-ES) by County of Residence Aug 27, 2023 — The Tax Reform Act of 1986 replaced the prior method of calculating taxes by county of residence. The Form 1040-ES now uses the state method of calculation for county of residence. Learn how to estimate taxes for 2023 county of residence. In 2023 county of residency is: 1. Your federal adjusted gross income plus all the additional federal adjusted gross income your spouse has for the tax year, plus 6,000 if a parent is a nonresident of the U.S., or 9,000 if a nonresident parent is a resident of the U.S. and unmarried. 2. Additional child tax credit amount for the child whose income is less than 100 percent of the poverty level amount, plus all the other amounts listed above. The amount listed in Box 1 may be different from the amount listed in Box 3 unless you specifically requested a different result from the IRS. The amount in Box 3 that is in excess of 100% of the poverty level amount is treated as a tax credit and is not included as income in the calculation for your tax (Form 1040). The following examples assume you are filing your federal adjusted gross income. Example 1 -- County of residence: Gross federal adjusted gross income = 60,500. Exempted income = 19,950. Gross state income taxes = 10,000. Total federal adjusted gross income = 97,950. Tax-exempt child credits = 7,300 Total state income taxes = 10,000. Total federal adjusted gross income = 139,150. Child tax credit = 2,500 In this case, the total amount of tax to be paid on your federal adjusted gross income will be: 136,150. Example 2 -- Income-to-poverty ratio = 1.3, the poverty threshold is at or below the federal poverty line = 24,000: Gross federal adjusted gross income = 60,500.
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