35 ILCS 5/Article 8
IITA Sections 803 and 804
What are estimated tax payments?
Estimated tax payments are payments of income tax that are required to be paid evenly throughout the year. Most people have withholding income tax taken out of their pay and are not familiar with the estimated payment requirement.
You must make estimated income tax payments if you reasonably expect your tax liability for the year to exceed $1,000 after subtracting your Illinois withholding, pass-through withholding payments, and tax credits for
- income tax paid to other states,
- Illinois Property Tax paid,
- education expenses,
- the Earned Income Credit, and
- Schedule 1299-C, Income Tax Subtractions and Credits (for individuals).
You will likely need to make estimated payments if your income is either fully or partially exempt from Illinois withholding.
If you do not receive your income evenly throughout the year or if you must begin making estimated payments in mid-year, see Form IL-2210, Computation of Penalties for Individuals, for further details on annualizing your income.
When are my payments due?
Your first estimated payment is due by April 15 of the current year. You may either pay all your estimated tax at that time or pay your estimated tax in four equal installments that are due on
- April 15;
- June 15;
- September 15; and
- January 15 of the following year.
Note: If a due date falls on a weekend or holiday, the payment will be due on the next business day.
Note: If you file on a fiscal-year basis, please adjust all the due dates to correspond to your tax year.
Are there any exceptions?
You do not have to make estimated payments if you are 65 years or older and permanently living in a nursing home or a farmer. We consider you a farmer if at least two-thirds of your total federal gross income is from farming.
For more information, refer to
Form IL-1040-ES, Estimated Income Tax Payments for Individuals.
What if I do not make my estimated payments?
You may be assessed a late-payment penalty if you do not pay the required estimated payments on time. We will apply each payment to the earliest due date until that liability is paid, unless you provide specific instructions to apply it to another period. However, if you pay at least 90 percent of this year's tax or 100 percent of last year's tax in four equal timely installments, you may not be subject to this penalty.
For more information about penalties and interest, see Publication 103, Penalties and Interest for Illinois Taxes.