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“1. Adjusted gross income you expect in 2004 (see Expected Adjusted Gross Income)” field
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“2. If you plan to itemize deductions, enter the estimated total of your itemized deductions. Caution: If line 1 above is over
$142,700
($71,350 if married filing separately), your deduction may be reduced. See Expected Taxable Income for details; If you do
not plan to itemize
deductions, enter your standard deduction from the 2004 Standard Deduction Tables.” field
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“3. Subtract line 2 from line 1” field
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“4. Exemptions. Multiply $3,100 by the number of personal exemptions. If you can be claimed as a dependent on another person's
2004 return,
your personal exemption is not allowed. Caution: See Expected Taxable Income to figure the amount to enter if line 1 above
is over: $214,250 if
married filing jointly or qualifying widow(er); $178,350 if head of household; $142,700 if single; or $107,025 if married
filing separately”
field
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“5. Subtract line 4 from line 3” field
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“6. Tax. Figure your tax on the amount on line 5 by using the 2003 Tax Rate Schedules on page 33. Caution: If you have a net
capital gain, use
Worksheet 2.5 to figure the tax” field
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“7. Alternative minimum tax from Form 6251” field
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“8. Add lines 6 and 7. (Also include any tax from Forms 4972 and 8814 and any recapture of the education credits (see Expected
Taxes and
Credits)” field
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“9. Credits (see instructions on page 2). Do not include any income tax withholding on this line” field
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“10. Subtract line 9 from line 8. If zero or less, enter 0” field
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“11. Self-employment tax (see Expected Taxes and Credits). Estimate of 2004 net earnings from self-employment $(blank text
field); if $87,900
or less, multiply the amount by 15.3%; if more than $87,900, multiply the amount by 2.9%, add $10,899.60 to the result, and
enter the total. Caution:
If you also have wages subject to social security tax, see Expected Adjusted Gross Income to figure the amount to enter” field
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“12. Other taxes (see Expected Taxes and Credits)” field
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“13a. Add lines 10 through 12” field
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“13b. Earned income credit, additional child tax credit, and credits from Form 4136 and Form 8885” field
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“13c. Total 2004 estimated tax. Subtract line 13b from line 13a. If zero or less, enter 0” field
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“14a. Multiply line 13c by 90% (66 2/3% for farmers and fishermen)” field
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“14b. Enter the tax shown on your 2003 tax return (110% of that amount if you are not a farmer or fisherman and the adjusted
gross income shown
on line 35 of that return is more than $150,000, or, if married filing separately for 2004, more than $75,000)” field
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“14c. Required annual payment to avoid a penalty. Enter the smaller of line 14a or 14b” field
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“15. Income tax withheld and estimated to be withheld during 2004 (including income tax withholding on pensions, annuities,
certain deferred
income, etcetera)” field
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“16. Subtract line 15 from line 14c. (Note: If zero or less or line 13c minus line 15 is less than $1,000, stop here. You are
not required to
make estimated tax payments.)” field
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“17. If the first payment you are required to make is due April 15, 2004, enter 1/4 of line 16 (minus any 2003 overpayment
that you are
applying to this installment) here, and on your estimated tax payment voucher(s) if you are paying by check or money order.
(Note: Household
employers, see Household employers under How To Figure Each Payment.)” field
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