New Jersey resident and nonresident taxpayers who can reasonably expect their New Jersey income tax for the year to be more than $400 after subtracting any anticipated withholdings, deductions and credits, are required to make estimated payments. However, if you expect your tax liability for the year to be $400 or less, you are not required to make estimated payments.
The Declaration of Estimated Tax Booklet, Form NJ-1040-ES
, includes four payment vouchers, instructions
, and a worksheet
to help you compute your estimated tax and determine the amount of your quarterly payments. The voucher is called Form NJ-1040-ES
The declarations of estimated tax must be filed on or before the 15th day of April, June, September, and January. If a due date falls on a Saturday, Sunday, or legal holiday, the payment is due on the next business day. Payments must be filed timely in four equal installments, together with the applicable vouchers. To make sure that your account is credited properly, be sure that the social security number you enter first on the vouchers and checks is the same as the one you enter first on your New Jersey income tax return. Payments of estimated tax can also be made electronically
by e-check or credit card. If you pay by e-check or credit card, you do not need to file an estimated tax voucher. (NOTE: E-check payments made using an account that is funded from a financial institution outside the United States will not be accepted.)
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Failure to make timely estimated payments will result in the imposition of interest charges
on all underpayments. There are some exceptions to the imposition of interest charges.
For more information on estimated payments, see Tax Topic Bulletin GIT-8
, Estimating Income Taxes.
Sale or Transfer of Real Property in New Jersey
Nonresidents may be required to make estimated tax payments in connection with the sale or transfer of real property
in New Jersey.