What is the penalty for not making estimated tax payments?
Answer #49 -- ( Published 07/29/2005 12:07 PM | Updated 07/12/2017 10:41 AM )
What is the penalty for not making estimated tax payments for individual income tax?
You will owe a late-payment penalty for underpayment of estimated tax if you were required to make estimated payments and failed to do so, or failed to pay the required amount by the payment due date. You may be penalized even if you are receiving a refund. If your Illinois Income Tax exceeds the total tax withheld and credits by more than $500 you may have been required to make estimated payments. For tax years beginning on or after January 1, 2012, if the tax exceeds your tax withheld and credits on Lines 16, 17, 18, 25, 27, and 28 by more than $500, you may have been required to make estimated payments. The penalty rate is based on the number of days the payment is late. For more information refer to Form IL-2210, Computation of Penalties for Individuals
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