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What are estimated payments and how do I make them for individual income tax?

Answer #8 -- ( Published 07/21/2005 10:48 AM | Updated 07/12/2017 10:41 AM )

What are estimated payments and how do I make them for individual income tax?

You must make estimated income tax payments if you reasonably expect your tax liability to exceed $500 after subtracting your Illinois withholding, pass-through withholding payments, and tax credits for

You are likely to meet this requirement if your income is either fully or partially exempt from Illinois withholding. If you plan to file a joint income tax return, you must figure your estimated tax on the basis of your joint income. For more information, refer to Form IL-1040-ES, Estimated Income Tax Payments for Individuals.

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