IL-1040-ES: Estimated Income Tax Payment for Individuals (2024)
Illinois · Illinois DOR · Used for tax years 2024
Form IL-1040-ES helps individuals calculate and pay their 2024 Illinois estimated income tax. It includes worksheets to figure or update estimated payments and a voucher that identifies the taxpayer and payment amount when paying by check or money order.
Who files this form
You must make estimated payments if you reasonably expect your 2024 Illinois tax liability to exceed $1,000 after subtracting Illinois withholding, pass-through withholding, and these credits:
- Income tax paid to other states
- Illinois Property Tax paid
- Education expenses
- Volunteer Emergency Worker Credit
- Earned Income Credit
- Pass-through entity tax credit
- Credits from Schedule 1299-C
Use the Estimated Tax Worksheet to determine whether payments are required. If you plan to file a joint return, figure estimated tax using your joint income.
You do not have to make estimated payments if you are:
- Age 65 or older and permanently living in a nursing home, or
- A farmer, meaning at least two-thirds of your total federal gross income is from farming.
When it's due
For tax year 2024, calendar-year taxpayers may pay all estimated tax by April 15, 2024, or make four equal installments due:
- April 15, 2024
- June 17, 2024
- September 16, 2024
- January 15, 2025
Fiscal-year taxpayers must adjust the due dates to correspond to their tax year.
What you'll need
To complete the Estimated Tax Worksheet, have your expected 2024 amounts for:
- Illinois base income and exemptions
- Illinois withholding and pass-through withholding
- The credits listed on the worksheet
- Any Compassionate Use of Medical Cannabis Program Act and sale-of-assets-by-gaming-licensee surcharges
The worksheet refers you to Form IL-1040 and the Schedule IL-E/EIC instructions for income and exemption information.
For a mailed payment, you need the completed IL-1040-ES voucher and a check or money order. The voucher asks for your name, Social Security number, address, daytime phone number, and payment amount. Include your spouse’s name and Social Security number if filing jointly.
For online payment from a checking or savings account, you need your Illinois Personal Identification Number (IL-PIN). For a credit card payment, have your card ready. Electronic Funds Transfer requires Form EFT-1, Authorization Agreement for Certain Electronic Payments.
How to file
Complete the Estimated Tax Worksheet first. If Line 10 is more than $1,000, divide it by four and round to whole dollars on Line 11 to figure each installment.
Pay electronically
- Checking or savings account: Visit mytax.illinois.gov. You will need your IL-PIN.
- Credit card: The form accepts MasterCard, Discover, American Express, or Visa through the payment services listed on the form. A convenience fee applies.
- Electronic Funds Transfer: Complete Form EFT-1. Visit tax.illinois.gov for the form and program information.
Do not send a payment voucher if you pay electronically.
Pay by mail
- Complete the IL-1040-ES voucher with your identifying information and the payment amount from worksheet Line 11, in whole dollars.
- Make your check payable to Illinois Department of Revenue.
- Write your Social Security number(s), tax year, and “IL-1040-ES” on your payment.
- Detach the voucher and mail it with your payment to:
ILLINOIS DEPARTMENT OF REVENUE
SPRINGFIELD IL 62736-0001
- Complete the form’s Record of Estimated Tax Payments.
Common mistakes
- Sending a voucher with an electronic payment: The form says not to send one when paying electronically.
- Redacting Social Security numbers: The form warns that this can cause processing delays.
- Using the wrong voucher: Filers of Forms IL-990-T, IL-1041, IL-1065, IL-1120, or IL-1120-ST must use the voucher for their return type, not IL-1040-ES.
- Not updating estimates when income changes: Refigure the Estimated Tax Worksheet and complete the Amended Estimated Tax Worksheet.
- Paying late: Missing required payment deadlines may result in a late-payment penalty.
- Using calendar-year deadlines for a fiscal year: Fiscal-year taxpayers must adjust the due dates to their tax year.
Questions people ask
Can I pay all my estimated tax at once?
Yes. For tax year 2024, you may pay all estimated tax by April 15, 2024, instead of making four equal installments.
What if my income changes during the year?
Refigure the Estimated Tax Worksheet. Enter the revised Line 10 amount on Line 1 of the Amended Estimated Tax Worksheet, then follow its instructions for Lines 2 through 8.
What if I receive income unevenly or start estimated payments midyear?
See Form IL-2210, Computation of Penalties for Individuals, for details on annualizing your income.
Can a prior-year overpayment reduce my payments?
Yes. If you elected to apply a prior-year overpayment to 2024 on or before the extended due date of your prior-year return, you may reduce your first estimated payment and later payments until the credit is used. If you made the election after that extended due date, the credit is considered paid on the election date.
Will I owe a penalty if I do not pay enough on time?
You may be assessed a late-payment penalty. However, if you pay at least 90 percent of your 2024 tax or at least 100 percent of your prior-year tax in four equal, timely installments, you may not be subject to that penalty. See Publication 103 for more information about penalties and interest.