Form RI-1040-ES: Rhode Island Estimated Payment Coupon

Form RI-1040-ES is a set of vouchers used to pay estimated taxes on your Rhode Island (RI) personal income tax. It's not an actual tax return, but a way to pre-pay your tax liability throughout the year if you don't have enough income tax withheld from your paycheck.

Who Needs to Use Form RI-1040-ES?

You generally need to use Form RI-1040-ES if you expect to owe $250 or more in RI income tax after your withholding is applied. This applies to:

Self-employed individuals: If you run your own business or freelance, you're responsible for paying estimated taxes because no employer withholds income tax for you.

Individuals with income not subject to withholding: This includes income from investments, interest, dividends, rents, alimony, and unemployment compensation.

Those with high-income or multiple income sources: Even if you have income tax withheld from your paycheck, you might still need to make estimated tax payments if the withholding doesn't cover your entire tax liability.

Key Points About RI Estimated Tax Payments:

Estimated tax payments are made in four installments: The due dates typically fall on April 15th, June 15th, September 15th, and January 15th of the following year. However, these dates can be adjusted if they fall on a weekend or holiday.

You can choose how to make your payments: You can use the pre-printed vouchers included with Form RI-1040-ES, pay electronically through the RI Division of Taxation website, or mail a check directly to the Division of Taxation.

Penalties for underpayment: If you don't pay enough estimated tax throughout the year, you may face penalties on the amount you owe.

How much estimated tax should I pay?

There are various resources to help you estimate your RI tax liability. You can use the worksheet included with Form RI-1040-ES, refer to your previous year's tax return, or use an online tax calculator.

What if I overpay my estimated taxes?

Any overpayment will be credited towards your final tax bill when you file your RI 1040 tax return. You can also request a refund for the overpayment.

Can I avoid using Form RI-1040-ES?

You can potentially avoid estimated tax payments if you have enough income tax withheld from your paycheck. This typically applies to individuals with only one employer and who expect to owe less than $250 in RI income tax after withholding.

What if I miss an estimated tax payment deadline?

If you miss a deadline, you should still make the payment as soon as possible and consider making larger payments on subsequent installments to catch up. Penalties and interest may apply for late payments.

Do I need to file Form RI-1040-ES if I already pay federal estimated taxes?

Even if you pay federal estimated taxes, you might still need to make separate estimated payments for your RI income tax liability, especially if you expect a significant tax burden in Rhode Island.

Where can I get Form RI-1040-ES?

You can download the latest version of Form RI-1040-ES attached below.