Figure 1. Estimated Tax for Fishermen. Summary: This flowchart is used to determine if a commercial fisherman has to make estimated tax payments.Start. This is the starting of the flowchart.Decision (1). Do you expect to owe $1,000 or more after subtracting your withholding and credits?
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IF Yes Continue To Decision (2)
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IF No Continue To Process (a)
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Process (a). You do not have to pay estimated tax.
Decision (2). Was at least 66 2/3% of all your gross income in 2002 or 2003 from fishing?
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IF Yes Continue To Decision (3)
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IF No Continue To Process (b)
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Process (b). Follow the general estimated tax rules.
Decision (3). Do you expect your income tax withholding and credits to be at least 66 2/3% of the tax shown on your 2003 return?
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IF Yes Continue To Process (a)
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IF No Continue To Decision (4)
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Decision (4). Do you expect your income tax withholding and credits to be at least 100% of the tax shown on your 2002 return?
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IF Yes Continue To Process (a)
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IF No Continue To Decision (5)
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Decision (5). Will you file your income tax return and pay the tax in full by March 1?
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IF Yes Continue To Process (a)
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IF No Continue To Process (c)
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Process (c). You must pay your estimated tax (your required annual payment) by January 15.
End. This is the ending of the flowchart.
