Illinois Form IL-1040-ES (Estimated Income Tax Payments for Individuals) (2023)

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Estimated Income Tax Payments for Individuals
2022 IL-1040-ES Estimated Income Tax Payment for Individuals

Illinois Department of RevenueIL-1040-ES Estimated Income Tax Payments for Individuals 2022Am I required to make estimatedincome tax payments?You must make estimated income taxpayments if you reasonably expect your 2022tax liability to exceed $1,000 after subtractingyour Illinois withholding, pass-throughwithholding, and tax credits forincome tax paid to other states,Illinois Property Tax paid,education expenses,the Earned Income Credit,pass-through entity tax credit, andSchedule 1299-C, Income TaxSubtractions and Credits (for individuals).You will likely need to make estimatedpayments if your income is either fully orpartially exempt from Illinois withholding.Complete the Estimated Tax Worksheet tofigure your estimated tax and to determineif you are required to make estimated taxpayments. If you plan to file a joint incometax return, you must figure your estimatedtax on your joint income.If you determine that you are required tomake estimated payments, you shouldpay 100 percent of the tax. If your incomechanges during the year, you shouldcomplete the amended worksheet.If you do not receive your incomeevenly throughout the year or if you mustbegin making estimated payments inmidyear, see Form IL‑2210, Computation ofPenalties for Individuals, for further details onannualizing your income.When are my payments due?Your first estimated payment is due byApril 18, 2022. You may either pay all ofyour estimated tax at that time or pay yourestimated tax in four equal installments thatare due on April 18, 2022; June 15, 2022;September 15, 2022; and January 17, 2023.If you file on a fiscal-year basis,please adjust all the due dates to correspondto your tax year.Are there any exceptions?You do not have to make estimatedpayments if you are65 years or older and permanently living in a nursing home ora farmer. We consider you a farmer if at least two-thirds of your total federal grossincome is from farming.Estimated Tax WorksheetComplete the Estimated Tax Worksheet to figure your estimated tax andthe amount of any required payments.If your income changes during the tax year,refigure the Estimated Tax Worksheet based on your changes.Enter the refigured amount from Line 10 on your AmendedEstimated Tax Worksheet, Line 1.follow the Amended Estimated Tax Worksheet instructions forLines 2 through 8.Fiscal-year taxpayers – Please adjust the due dates tocorrespond to your tax year.Electronic Payment OptionsIf you determine that you must make estimated tax payments, weencourage you to use one of the following electronic payment options:Online – Visit our website at mytax.illinois.gov to have yourpayment taken from your checking or savings account. You willneed your IL-PIN (Illinois Personal Identification Number).Credit Card – Use your MasterCard, Discover, American Express,or Visa. The credit card service provider will assess a conveniencefee. Have your credit card ready and visit our website or call one ofthe following:Official Payments Corporation at 1 833 747-1434.What if I do not make my payments?You may be assessed a late-paymentpenalty if you do not pay the requiredestimated payments on time. We will applyeach payment to the earliest due date untilthat liability is paid, unless you providespecific instructions to apply it to anotherperiod. However, if you pay at least 90 percentof this year’s tax or at least 100 percent of lastyear’s tax in four equal timely installments,you may not be subject to this penalty.For more information about penalties andinterest, see Publication 103, Penalties andInterest for Illinois Taxes.What if I need additional assistance?If you need additional assistance,• visit our website at tax.illinois.gov,• call 1 800 732-8866 or 217 782-3336(TDD, telecommunications device for thedeaf, at 1 800 544-5304),• write to us at Illinois Department ofRevenue, P.O. Box 19044, Springfield,Illinois 62794-9044, or• visit a regional office.Our office hours are 8:00 a.m. to 5:00 p.m.(Springfield office) and 8:30 a.m. to 5:00 p.m.(all other regional offices), Monday throughFriday.Agreement for Certain Electronic Payments. To print a copy of this form or for more information about this program, visit our website attax.illinois.gov.If you pay electronically, do not send us your paymentvoucher.Estimated Tax VoucherIf you pay by check or money order, complete Form IL-1040-ES.Enter your Social Security number, and, if you are filing a jointreturn, enter your spouse’s Social Security number. Enter thesenumbers in the order they will appear on your Form IL‑1040,Individual Income Tax Return.Enter your name, and, if you are filing a joint return, enter yourspouse’s name. Also, enter your address and phone number.Enter the amount you are paying from your Estimated TaxWorksheet, Line 11, on the “Amount of payment” line.Detach the voucher, and enclose it with your payment. Printyour Social Security number(s), tax year, and “IL‑1040‑ES” on yourpayment. Mail both to the address shown on the voucher. Completeyour Record of Estimated Tax Payments on the next page.Form IL-1041, IL-1065, and IL-1120-ST filers ­– Do notuse Form IL-1040-ES vouchers. Use the voucher associated with yourreturn type to make any voluntary prepayments of tax.Value Payment Systems at 1 888 9-PAY-ILS (1 888 972-9457).Link2Gov/FIS at 1 877 57-TAXES (1 877 578-2937). Electronic Funds Transfer – Complete Form EFT-1, AuthorizationIL‑1040‑ES (R‑12/21)Printed by authority of the State of Illinois, web only, 1.This form is authorized as outlined under the Illinois Income Tax Act. Disclosure ofthis information is required. Failure to provide information could result in a penalty.Page 1 of 2Use your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes.Estimated Tax Worksheet 1 Enter the Illinois base income you expect to receive in 2022. (See Form IL-1040.) 12 Enter the total exemption amount you expect to claim on your 2022 Illinois Income Tax return, Line 10. (See Form IL-1040 and Schedule IL-E/EIC Instructions.) 23 Subtract Line 2 from Line 1. This is your net income expected in 2022. 3 4 Multiply Line 3 by 4.95% (.0495).4 5 Enter the amount of Compassionate Use of Medical Cannabis Program Act and sale of assets by gaming licensee surcharges expected in 2022.5 6 Add Lines 4 and 5. 6 7 Enter the amount of Illinois Income Tax you expect to be withheld from your wages or other income during 2022 and any pass-through withholding you expect to be paid on your behalf for 2022.78 Enter the amount of credits for Illinois Property Tax paid, income tax paid to other states, education expenses, earned income, pass-through entity tax credit, and tax credits from Schedule 1299‑C you expect to claim on your 2022 return.8 9 Add Lines 7 and 8. This is the total of your withholding, pass-through withholding, and credits. 910 Subtract Line 9 from Line 6. This is your estimated tax for 2022. If $1,000 or less, stop.You do not have to make estimated tax payments at this time. If more than $1,000, continue to Line 11. 10If your income changes during the year, complete the Amended Estimated Tax Worksheet.11 Divide Line 10 by 4, and round the result to whole dollars. This is the amount of each of your estimated tax payments.11If you chose to credit a prior year overpayment to 2022 and the election was made on or before the extended due date of your prior year return, you may reduce your first estimated tax paymentAmended Estimated Tax Worksheet and any subsequent payments until the entire credit is used. If theUse this worksheet to figure any changes to your estimated tax. election was made after the extended due date of your prior year return, the credit is considered paid on the date you made the election. 1 Amended estimated tax from Line 10 above 12 Divide Line 1 by 4.23 Amount of estimated payments made withRecord of Estimated Tax PaymentsVoucherAmount2022 Forms IL-1040-ES, including any prioryear overpayment applied to tax year 2022 3Multiply Line 2 by the number of previouslydue estimated payments.4Subtract Line 3 from Line 4. This amountmay be negative. 5Add Lines 2 and 5, and round to wholedollars. If positive, this is the amount due onyour next due date. If zero or negative, nothingis due on your next due date. If negative,continue to Line 7. Otherwise, stop here. 6If Line 6 is negative, enter the amount hereas a positive number. 7Subtract Line 7 from Line 2, and round theresult to whole dollars. This is the amountdue on the following due date, if applicable. 84VoucherCheck or moneyDate order number5678TotalImportant: Do not redact Social Security Number(s) as this can cause processing delays.Page 2 of 2Illinois Department of RevenueIL-1040-ES2022Estimated Income Tax Payment for IndividualsWe encourage you to use MyTax Illinois, our free account managementprogram, to make your payments online. If you choose to make yourpayments by mail, please complete and print a separate copy of thisUsepayment coupon when you wish toOfficialmake anestimated payment.Enteryour Social Security numbers in the order they appear on your federal return.Calendar-Year Taxpayers___ ___ ___ - ___ ___ - ___ ___ ___ ___ ___ ___ ___ - ___ ___ - ___ ___ ___ ___ Your estimated tax payments are due onYour Social Security numberSpouse’s Social Security number April 18, 2022 September 15, 2022 June 15, 2022 January 17, 2023Your first name and initialSpouse’s first name and initialYour last nameStreet addressCityYour daytime phone numberIL‑1040‑ES (R‑12/21)ResetState()$.Amount of payment (Whole dollars only)Make check payable and mail this voucher to:ILLINOIS DEPARTMENT OF REVENUESPRINGFIELD IL 62736-0001ZIP *60312221W*Print

Extracted from PDF file 2022-illinois-form-il-1040-es.pdf, last modified August 2021

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More about the Illinois Form IL-1040-ESIndividual Income TaxEstimatedTY 2022

If you owe more then $500 a year in income tax on April 15th (because of self employment or other income without tax withholding) you must file a quarterly income tax payment using the worksheet and payment voucher included in Illinois form IL-1040-ES.

We last updated the Estimated Income Tax Payments for Individuals in January 2022,so this is the latest version of Form IL-1040-ES, fully updated for tax year 2021. You can download or print current or past-year PDFs of Form IL-1040-ES directly from TaxFormFinder.You can print other Illinois tax forms here.

(Video) Form IL 1040 Individual Income Tax Return

Related Illinois Individual Income Tax Forms:

TaxFormFinder has an additional 75 Illinois income tax forms that you may need, plus all federal income tax forms.These related forms may also be needed with the Illinois Form IL-1040-ES.

Form CodeForm Name
Form IL-1040Individual Income Tax ReturnTax Return
Form IL-1040-VPayment Voucher for Individual Income TaxVoucher
Form IL-1040-XAmended Individual Income Tax ReturnAmended Return
Form IL-1040-X-VPayment Voucher for Amended Individual Income TaxVoucher

Illinois Form IL-1040-ES (Estimated Income Tax Payments for Individuals) (2)View all 76 Illinois Income Tax Forms

Form Sources:

Illinois usually releases forms for the current tax year between January and April.We last updated Illinois Form IL-1040-ES from the Department of Revenue in January 2022.

Show Sources >

Form IL-1040-ES is an Illinois Individual 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 Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

(Video) Learn How to Fill the Form 1040-ES  Estimated Tax for Individuals

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Illinois Form IL-1040-ES

We have a total of eight past-year versions of Form IL-1040-ES in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:

2020 Form IL-1040-ES

2020 IL-1040-ES, Estimated Income Tax Payments for Individuals

2018 Form IL-1040-ES

2018 IL-1040-ES, Estimated Income Tax Payments for Individuals

(Video) How to Fill Out Form 1040 for 2021 | Taxes 2022 | Money Instructor

2016 Form IL-1040-ES

2013 Form IL-1040-ES

(Video) Illinois Printable Tax Forms 2012 - IL 1040 Online Print Individual Tax Forms for Taxpayers

2014 IL-1040-ES, Estimated Income Tax Payments for Individuals

TaxFormFinder Disclaimer:

While we do our best to keep our list of Illinois Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

FAQs

How do I avoid Illinois estimated tax penalty? ›

To avoid penalty, your estimated payment options are to pay: four equal installments, or.
...
Individual Income Tax Estimated Payments
  1. income tax paid to other states,
  2. Illinois Property Tax paid,
  3. education expenses,
  4. the Earned Income Credit, and.
  5. Schedule 1299-C, Income Tax Subtractions and Credits (for individuals).

Can you pay estimated taxes without filing 1040-ES? ›

You do not need to file Form 1040-ES if you opt to make estimated tax payments online. You may do so at any time through your Online Account or doing a one-time payment using Pay Online or the Electronic Federal Tax Payment System (EFTPS).

Who is exempt from estimated tax payments? ›

If you expect to owe less than $1,000 in income tax this year after applying your federal income tax withholding, you don't have to make estimated tax payments.

Does Illinois have an underpayment penalty? ›

Payments less than 31 days late are penalized at 2% of the amount due and payments 31+ days late are penalized at 10% of the amount due.

Is underpayment penalty waived for 2021? ›

The IRS has announced (Notice 2021-08) that it will waive the addition to tax under IRC Section 6654 for an individual taxpayer's underpayment of estimated tax if the underpayment is attributable to changes the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made to IRC Section 461(l)(1)(B).

What happens if I don't pay my quarterly estimated taxes? ›

If you don't pay enough tax through withholding and estimated tax payments, you may be charged a penalty. You also may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.

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