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Maine Free Printable 19_1040es_dwnload.indd for 2020 Maine Vouchers for estimated tax payments

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Vouchers for estimated tax payments
19_1040es_dwnload.indd

STATE OF MAINE ESTIMATED TAX FOR INDIVIDUALS Maine Revenue Services PO Box 9101 Augusta, Maine 04332-9101 FORM 1040ES-ME INSTRUCTIONS Maine EZ Pay • These instructions are intended for the majority of taxpayers who report on a calendar year basis. If you report on a fiscal year basis, the dates should be changed to correspond with your fiscal year. • You may download additional worksheets and vouchers from the internet at www.maine.gov/revenue/forms or call (207) 624-7894. If you need help completing the worksheet on the back, call (207) 626-8475. • Please file the original or downloaded estimated tax voucher with Maine Revenue Services. Make a copy of the voucher for your records. 1.) WHO MUST MAKE ESTIMATED TAX PAYMENTS. In most cases, you must pay estimated tax if your estimated Maine income tax for the year, over and above tax withheld and allowable credits, is $1,000 or more and if your tax liability for the prior year was also $1,000 or more. 2.) HOW TO CALCULATE YOUR ESTIMATED TAX. Use the worksheet on the reverse side to calculate your estimated tax. To avoid penalties, the estimated tax paid must be no less than the smaller of the following: a) An amount equal to the preceding year’s tax liability, if the preceding year was a taxable year of 12 months; or b) An amount equal to 90% of the tax liability for the current taxable year. You will also find information concerning the Maine personal exemption, standard deduction, and the tax rate schedules on the reverse side. The exemption amount, standard deduction a mounts and tax rate schedules are those in effect under current law for tax years beginning in 2019. Note – Special Rule for Unusual Event Income. Definitions. For purposes of this special rule, the following terms have the following meanings: Maine taxable income means income subject to Maine income tax, but which is not subject to Maine income tax withholding. For example, for purposes of this special rule, Maine taxable income includes business income and capital gains, but does not include wages. Unusual event income means Maine taxable income (as defined above) received during an estimated tax installment period of the current tax year, but only if that amount exceeds the Maine taxable income received during the same estimated tax installment period of the prior tax year by $500,000 or more. Special Rule. If you have unusual event income, you must pay a Maine estimated tax on that income equal to 90% of the tax liability on that income. This special rule prohibits you from utilizing the prior year tax liability rule under paragraph a above to determine the amount of Maine estimated tax due on unusual event income. The estimated tax due on unusual event income is in addition to the estimated tax due on any other income received during the installment period (such as pension or annuity income subject to Maine income tax withholding where the Maine withholding amount is insufficient). Maine income that is not unusual event income is subject to the regular estimated tax requirements contained in 36 M.R.S. § 5228 and briefly described in these instructions. Example: If your Maine taxable income not subject to withholding during January-March 2018 was $300,000 and your Maine taxable income during January-March 2019 is $900,000, you have unusual event income (i.e., the 2019 income amount exceeds the 2018 income amount by $500,000 or more). Therefore, under the special rule, you must pay a Maine estimated tax for the January-March 2019 installment period equal to 90% of the tax liability on the $600,000 ($900,000 - $300,000). You cannot, with respect to the $600,000, calculate the estimated tax based on your prior year tax liability (as may be allowed for other income). You may pay your income taxes electronically at www.maine. gov/revenue. Electronic payments eliminate the necessity of filing Forms 1040ES-ME (income tax estimated payment vouchers). Note: Certain taxpayers with large annual tax liabilities are required to remit tax payments electronically. See Maine Rule 102 on the Maine Revenue Services website at www.maine.gov/revenue (select Laws & Rules). To use Maine EZ Pay you must pre-register online with personal and bank account information, and payments will be withdrawn from the checking or savings account that is set up in the registration. For more information, see www.maine.gov/revenue (click on Electronic Services). Extension to pay; waiver of penalty. If you are subject to the special rule described above and you meet all of the criteria listed below, you are entitled to an extension of time to pay the estimated tax or to receive a waiver of penalty associated with the unusual event income. Any extension of time granted may not extend past the original due date for filing the return for the tax year. Requests for extension of time to pay or for waiver of penalty must be submitted to the State Tax Assessor in writing. You must meet all of the following: a) You are an owner in a pass-through entity; b) You had no control over the distribution of the unusual event income; c) You did not actually or constructively receive payment of the unusual event income; and d) You pay the estimated tax on the unusual event income by the estimated tax installment payment due date following the installment period during which you actually or constructively receive the unusual event income. 3.) WHEN AND WHERE TO MAKE PAYMENTS. The first installment payment is due on April 17, 2019. You may either pay all of your estimated tax at that time or pay in four equal installments on April 17, 2019, June 17, 2019, September 16, 2019, and January 15, 2020. Payments can be made electronically using Maine EZ Pay (no forms required) at www.maine.gov/ revenue or send your payment with the appropriate voucher Form 1040ESME to the address printed on the voucher. If you overpaid your 2018 income tax and elected to apply the overpayment to your 2019 estimated tax, that overpayment may be partially or fully applied to any installment. 4.) FARMERS AND FISHERMEN. If at least 2/3 of your estimated adjusted gross income is from farming or fishing, your estimated tax may be paid in a single installment due on or before January 15, 2020. If you file your 2019 individual income tax return on or before March 2, 2020, and pay the total tax at that time, you need not make an estimated tax payment. 5.) CHANGES IN INCOME. Even though you are not required to pay estimated tax on April 17, 2019, your expected income may change so that you will be required to pay estimated tax later in the year. When the change becomes known and the estimated tax is calculated, payment may be made at one time on the next installment due date or it may be paid in equal installments on the remaining due dates. If your estimated tax liability decreases because of an income change, reduce the remaining installments. 6.) UNDERPAYMENT PENALTY. A penalty accrues automatically on underpayments of the required installment amount for the period of underpayment. The penalty does not apply if each required payment was made on time and if the total estimated tax paid is equal to 90% (66 2/3% for farmers and fishermen) of the income tax liability for the current year or 100% of the tax liability for the preceding year, if that year was a taxable year of 12 months. If you have unusual event income, you may be eligible to request an extension of time to pay the estimated tax or to request a waiver of the penalty associated with unusual event income. See note under item 2 above. COMPUTATION and RECORD of PAYMENTS VOUCHER NUMBER AND DATE PAID TOTAL ESTIMATE ORIGINAL OR AMENDED 2018 OVERPAYMENT APPLIED TO INSTALLMENTS AMOUNT OF INSTALLMENT PAYABLE 1 2 $ $ APRIL 17 JUNE 17 3 $ 4 $ BALANCE PAYABLE WITH CHECK TOTAL OF PAYMENTS $ $ $ $ $ $ $ $ SEPT. 16 $ $ $ $ JAN. 15 $ $ $ $ Revised: December 2018 2019 ESTIMATED TAX WORKSHEET (Keep for your records) Form 1040ES-ME 1. Total income expected in 2019 (line 1, 2019 federal Estimated Tax Worksheet) .............................................. 1. 2. Deduct: interest on U.S. obligations, social security and railroad retirement benefits, state income tax refunds, and pension income deduction amounts (see worksheet below) included in line 1 .......................................... 2. 3. Line 1 less line 2 ................................................................................................................................................ 3. 4. Add - Interest from municipal and state bonds other than Maine ...................................................................... 4. 5. Adjusted gross income for Maine (line 3 plus line 4) ......................................................................................... 5. 6. a. Deductions - standard or itemized (up to $29,550). See instructions below ......... 6a. b. Exemptions - enter $4,200 ($8,400, if married filing jointly). Except, enter $0 if you (or if married filing jointly, both you and your spouse) may be claimed as a dependent on another person’s return. If married filing jointly and only one spouse may be claimed as a dependent on another person’s return, enter $4,200. NOTE: If your Maine adjusted gross income is over $271,650 $271,650, complete the Worksheet for Phaseout of Personal Exemption Amount available at www.maine.gov/revenue/forms. .......... 6b. 7. Total of lines 6a and 6b ...................................................................................................................................... 7. 8. Maine estimated taxable income (line 5 less line 7) .......................................................................................... 8. 9. Estimated tax (apply proper tax rate schedule below to amount on line 8) ....................................................... 9. 10. Tax credit recapture amounts ......................................................................................................................... 10. 11. Credits (See instructions below) ...................................................................................................................... 11. 12. Estimated Maine income tax to be withheld during the year ........................................................................... 12. 13. ESTIMATED TAX (add lines 9 and 10 less lines 11 and 12) ..........................................................................13. TAX CREDIT RECAPTURE AMOUNTS AND CREDITS (lines 10 and 11) - Line 10 is the amount of credits previously used to reduce Maine income tax that are now subject to recapture. Line 11 credits include, among others, the Maine earned income tax credit, child care credit, adult dependent care credit, dependent exemption tax credit, credit for educational opportunity, property tax fairness credit and the credit for taxes paid to other jurisdictions. For more information on Maine tax credits, see the 2018 Maine Form 1040ME, Schedule A and related instructions. PENSION INCOME DEDUCTION WORKSHEET — (include on Line 2 above) 1. Total eligible non-military pension income including individual retirement account (IRA) benefits - both Maine and non-Maine sources - included in your federal adjusted gross income. (Do not include social security or railroad retirement benefits received or pension benefits received under IRC § 457(b) prior to age 55 that are not part of a series of substantially equal periodic payments made for the life of the recipient or the joint lives of the recipient and the recipient’s beneficiary, lump-sum distributions included on federal Form 4972, distributions subject to the additional 10% federal tax on early distributions or refunds of excess 1. contributions.) See 36 M.R.S. § 5122(2)(M-2). $ $ 2. Maximum allowable deduction 2. $ 10,000.00 $ 10,000.00 3. Total social security and railroad retirement benefits you received - whether taxable or not 3. $ $ 4. Subtract line 3 from line 2 (if zero or less, enter zero) 4. $ $ 5. Enter the smaller of line 1 or line 4 here 5. $ $ 6. Total eligible military pension income included in your federal adjusted gross income 6. $ $ 7. Add line 5 and line 6. Enter result here and include on line 2 of the Estimated Tax Worksheet above. 7. $ $ Taxpayer Spouse* *Use this column only if filing married-joint return and only if spouse separately earned an eligible pension. MAINE DEDUCTIONS — (Line 6a above) TAX RATE SCHEDULES — (Line 9 above) Note: If your Maine adjusted gross income is over $81,450, your itemized deductions or standard deduction may be reduced. See the Worksheet for Phaseout of Itemized/Standard Deductions available at www.maine.gov/revenue/forms. For Single Individual and Married Person Filing Separate Return Itemized Deductions: If you plan to itemize deductions, enter the estimated total of your itemized deductions (see Maine Form 1040, Schedule 2 and related instructions). If you do not plan to itemize deductions, enter the standard deduction amount for your filing status shown below. Standard Deduction for 2019: Single--------------------------- $12,200 Married Filing Jointly or Qualifying Head of Household --------- $18,350 Widow(er)--------------------- $24,400 Married Filing Separately---- $12,200 Additional Standard Deduction for Age and/or Blindness: Married (whether filing jointly or separately) or a qualified widow(er): the additional standard deduction is $1,300 if one spouse is age 65 or over OR blind; $2,600 if one spouse is 65 or over AND blind; $2,600 if both spouses are 65 or over OR blind; $5,200 if both spouses are 65 or over AND blind, etc. Unmarried (single or head of household): the additional standard deduction is $1,650 if the individual is 65 or over OR blind; $3,300 if the individual is both 65 or over AND blind. If the taxable income is: Less than $21,850 $21,850 but less than $51,700 $51,700 or more The Tax is: 5.8% $1,267 plus 6.75% of excess over $21,850 $3,282 plus 7.15% of excess over $51,700 For Unmarried or Legally Separated Individuals Who Qualify as Heads of Households If the taxable income is: Less than $32,750 $32,750 but less than $77,550 $77,550 or more The Tax is: 5.8% $1,900 plus 6.75% of excess over $32,750 $4,924 plus 7.15% of excess over $77,550 For Married Individuals and Surviving Spouses Filing Joint Returns If the taxable income is: Less than $43,700 $43,700 but less than $103,400 $103,400 or more The Tax is: 5.8% $2,535 plus 6.75% of excess over $43,700 $6,565 plus 7.15% of excess over $103,400 2019 1040ES-ME VOUCHER 1 for INDIVIDUALS DUE APRIL 17, 2019 2018 ESTIMATED TAX PAYMENT 99 *1302320* Your First Name Initial Your Social Security Number 1. Check if you are a first-time estimate filer. Your Last Name 2. Check if your address has changed. 3. Amount of payment: Spouse’s First Name Initial Spouse’s Social Security Number .00 Spouse’s Last Name 4. If you are a fiscal year filer, enter month/year ending: Address (number, street and apt. no.) NOTE: If you are married and plan to file a joint 2019 return with your spouse, enter your spouse’s name and social security number in the spaces provided. City State ZIP Code Pay electronically using Maine EZ Pay at www.maine.gov/revenue and eliminate the need to file Form 1040ES-ME or detach and mail this voucher with check or money order payable to Treasurer, State of Maine, to: Maine Revenue Services, P.O. Box 9101, Augusta, ME 04332-9101 2019 1040ES-ME VOUCHER 2 for INDIVIDUALS DUE JUNE 17, 2019 2018 ESTIMATED TAX PAYMENT 99 *1302320* Your First Name Initial Your Social Security Number 1. Check if you are a first-time estimate filer. Your Last Name 2. Check if your address has changed. 3. Amount of payment: Spouse’s First Name Initial Spouse’s Social Security Number .00 Spouse’s Last Name 4. If you are a fiscal year filer, enter month/year ending: Address (number, street and apt. no.) NOTE: If you are married and plan to file a joint 2019 return with your spouse, enter your spouse’s name and social security number in the spaces provided. City State ZIP Code Pay electronically using Maine EZ Pay at www.maine.gov/revenue and eliminate the need to file Form 1040ES-ME or detach and mail this voucher with check or money order payable to Treasurer, State of Maine, to: Maine Revenue Services, P.O. Box 9101, Augusta, ME 04332-9101 2019 1040ES-ME VOUCHER 3 for INDIVIDUALS DUE SEPT 16, 2019 2018 ESTIMATED TAX PAYMENT 99 *1302320* Your First Name Initial Your Social Security Number 1. Check if you are a first-time estimate filer. Your Last Name 2. Check if your address has changed. 3. Amount of payment: Spouse’s First Name Initial Spouse’s Social Security Number .00 Spouse’s Last Name 4. If you are a fiscal year filer, enter month/year ending: Address (number, street and apt. no.) NOTE: If you are married and plan to file a joint 2019 return with your spouse, enter your spouse’s name and social security number in the spaces provided. City State ZIP Code Pay electronically using Maine EZ Pay at www.maine.gov/revenue and eliminate the need to file Form 1040ES-ME or detach and mail this voucher with check or money order payable to Treasurer, State of Maine, to: Maine Revenue Services, P.O. Box 9101, Augusta, ME 04332-9101 2019 1040ES-ME VOUCHER 4 for INDIVIDUALS DUE JAN 15, 2020 2018 ESTIMATED TAX PAYMENT 99 *1302320* Your First Name Initial Your Social Security Number 1. Check if you are a first-time estimate filer. Your Last Name 2. Check if your address has changed. 3. Amount of payment: Spouse’s First Name Initial Spouse’s Social Security Number .00 4. If you are a fiscal year filer, enter month/year ending: Spouse’s Last Name NOTE: If you are married and plan to file a joint 2019 return with your spouse, enter your spouse’s name and social security number in the spaces provided. Address (number, street and apt. no.) City State ZIP Code Pay electronically using Maine EZ Pay at www.maine.gov/revenue and eliminate the need to file Form 1040ES-ME or detach and mail this voucher with check or money order payable to Treasurer, State of Maine, to: Maine Revenue Services, P.O. Box 9101, Augusta, ME 04332-9101
Extracted from PDF file 2019-maine-form-1120es-me.pdf, last modified November 2018

More about the Maine Form 1120ES-ME Corporate Income Tax Estimated TY 2019

We last updated the Vouchers for estimated tax payments in January 2019, so this is the latest version of Form 1120ES-ME, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 1120ES-ME directly from TaxFormFinder. You can print other Maine tax forms here.

Other Maine Corporate Income Tax Forms:

TaxFormFinder has an additional 61 Maine income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 1120X-ME Amended income tax return
Form 1120ES-ME Vouchers for estimated tax payments
Form 1120ME Corporate income tax form
Form 1120B-ES/ME Vouchers for estimated tax payments
Form 1120EXT-ME Extension payment voucher

Download all ME tax forms View all 62 Maine Income Tax Forms


Form Sources:

Maine usually releases forms for the current tax year between January and April. We last updated Maine Form 1120ES-ME from the Revenue Services in January 2019.

Show Sources >

Form 1120ES-ME is a Maine Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Maine Form 1120ES-ME

We have a total of nine past-year versions of Form 1120ES-ME in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form 1120ES-ME

19_1040es_dwnload.indd

2018 Form 1120ES-ME

18_1120ES.indd

2017 Form 1120ES-ME

17_1120ES.indd

2016 Form 1120ES-ME

16_1120ES.indd

Vouchers for estimated tax payments 2015 Form 1120ES-ME

15_1120ES_041414.indd

2014 Form 1120ES-ME

14_1120ES.indd

Vouchers for estimated tax payments 2013 Form 1120ES-ME

12_1120ES_rev041912.indd

2012 Form 1120ES-ME

12_1120ES_rev041912.indd

2011 Form 1120ES-ME

11_1120ES_revised.indd


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