Get the free IL-2210 - revenue state il

This form is used to calculate penalties for individuals who did not make timely estimated payments or have unpaid taxes.

How to fill out il-2210 - revenue state

How to fill out IL-2210

1. Gather your tax documents and information for the year.
2. Determine if you owe underpayment penalties by checking your estimated tax payments.
3. Complete Part I of Form IL-2210 to calculate your required annual payment.
4. Complete Part II to compute your underpayment for each installment due date.
5. Use the tax rate applicable for the year to properly calculate your penalty amount.
6. Complete Part III to summarize your calculations and penalties.
7. Attach the completed IL-2210 to your Illinois tax return when filing.

Who needs IL-2210?

1. Taxpayers in Illinois who have underpaid their estimated tax and owe a penalty.
2. Individuals or businesses whose estimated tax payments do not meet minimum requirements.
3. Those who have income that is not subject to withholding but are required to pay estimated taxes.

People Also Ask about

How to avoid 2210 penalty?

If your current year total tax minus the amount of tax you paid through withholding is less than $1,000, you are not required to pay the underpayment penalty and do not need to complete Form 2210.

Who is exempt from underpayment penalty?

The underpayment penalty may also be waived for several other reasons, including: The taxpayer was a U.S. citizen or resident for the preceding tax year and did not owe any taxes for that year. The taxpayer missed a required payment because of a casualty event, disaster, or other unusual circumstance.

What is Illinois Form 2210?

For 2025, continue to follow subsequent tax filing deadlines based on the previous year's payments. The IL-2210 form is designed to help taxpayers assess any penalties they may owe for underpayment of estimated taxes.

What is Form 2210 used for?

Purpose of Form Use Form 2210 to see if you owe a penalty for underpaying your estimated tax. The IRS will generally figure your penalty for you and you should not file Form 2210. You can, however, use Form 2210 to figure your penalty if you wish to include the penalty on your return.

How do I get out of tax underpayment penalty?

Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is

How much is the Illinois underpayment penalty?

The amount of penalty imposed under this paragraph (2) shall be 2% of any amount that is paid no later than 30 days after the due date, 10% of any amount that is paid later than 30 days after the due date and prior to the date the Department has initiated an audit or investigation of the taxpayer, and 20% of any amount

How do I avoid an underpayment penalty in Illinois?

Under section 804(c)(1)(B), a taxpayer can avoid paying a penalty in the event the payment of estimated tax meets the required annual payment, defined as the lesser of: (1) "90% of the tax shown on the return for the taxable year, or if no return is filed, 90% of the tax for such year" (35 ILCS 5/804(c)(1)(B)(i)(West

What triggers IRS underpayment penalty?

The IRS imposes a tax underpayment penalty when taxpayers fail to pay enough of their tax liability during the year. This penalty applies if you don't meet your obligations through withholding, estimated payments or a combination of both.

For pdfFiller’s FAQs

What is IL-2210?

IL-2210 is a form used by taxpayers in Illinois to report underpayment of estimated income tax.

Who is required to file IL-2210?

Taxpayers who did not pay enough estimated income tax throughout the year, leading to an underpayment, may be required to file IL-2210.

How to fill out IL-2210?

To fill out IL-2210, taxpayers must provide their income information, calculate the total estimated tax due, and determine if they underpaid their estimated tax payments, following the form's instructions.

What is the purpose of IL-2210?

The purpose of IL-2210 is to help taxpayers calculate any penalties owed for underpayment of estimated tax, ensuring compliance with Illinois tax laws.

What information must be reported on IL-2210?

IL-2210 requires reporting of total income, tax due, estimated payments made, and computations showing the calculation of any penalty for underpayment.