Illinois Automatic Extension Payment
Extracted from PDF file 2022-illinois-form-il-505-b.pdf, last modified June 2022
Automatic Extension PaymentUse your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. Illinois Department of Revenue IL-505-I Automatic Extension Payment for Individuals Filing Form IL-1040 2022 What is the purpose of Form IL-505-I? Will I owe penalties and interest? The purpose of Form IL-505-I, Automatic Extension Payment, is to provide taxpayers who are unable to file their tax return by the due date a means of calculating and remitting their tentative tax liability (including any other taxes you will report on your Form IL-1040) on or before the original due date of the return (see "When should I file and pay?"). You will owe a late-filing penalty if you do not file a processable return by the extended due date, late-payment penalty if you do not pay the tax you owe by the original due date of the return, and bad check penalty if your remittance is not honored by your financial institution. You will owe interest on tax from the day after the original due date of your return through the date you pay the tax. We will bill you for penalties and interest. For more information about penalties and interest, see Publication 103, Penalties and Interest for Illinois Taxes. To receive a copy of this publication, see "What if I need additional forms or assistance?" on the back of this form. Who must file Form IL-505-I? You must file Form IL-505-I if all of the following apply to you: you cannot file your tax return by the due date, and you will owe a tentative tax (complete the Tax Payment Worksheet on the back of this page to determine this), and you submit your payment by paper check or money order (i.e., you do not use any electronic means, such as electronic funds transfer, to make your payment). If Line 7 of the worksheet shows you owe tentative tax, you must pay the full amount due by the original due date of the return. An extension of time to file does not extend the amount of time you have to make your payment. Do not file Form IL-505-I if: after you complete the Tax Payment Worksheet, you find that you do not owe additional tax, or you make your extension payment electronically by credit card, electronic funds transfer (EFT), or bank account debit. If an unpaid liability is disclosed when you file your return, you may owe penalty and interest charges in addition to the tax. See “Will I owe penalties and interest?” What are the extensions? Automatic Illinois six-month extension We automatically grant you a six-month extension of time to file your tax return. For calendar year filers, the filing date is automatically extended to October 15. You are not required to file Form IL-505-I to obtain this automatic extension. However, you must pay any tentative tax due by the original due date of your return in order to avoid any late-payment penalty and interest on unpaid tax. Additional extension beyond six months If you cannot file your tax return within the automatic six-month extension period, we will grant you an extension of more than six months to file only if the Internal Revenue Service (IRS) grants you an additional extension. When should I file and pay? If you owe any tentative tax, and you pay with a paper check or money order, file Form IL-505-I along with your payment on or before the original due date of your annual return, or as soon as you realize you owe tentative tax. Where should I file? Mail your Form IL-505-I to: Illinois Department of Revenue, P.O. Box 19005, Springfield, Illinois 62794-9005. Make your check or money order payable to “Illinois Department of Revenue.” Be sure to write your Social Security number, tax year, and “IL‑505‑I” on your payment. IL‑505‑I (R-12/22) Printed by authority of the State of Illinois, web only, 1. What should I attach to my Form IL-1040? If you file your return within the automatic six-month extension period, do not attach anything to your return to explain your delayed filing. If you file your return after the automatic six-month extension period and the IRS grants you an extension of more than six months, you must attach a copy of the document granting your federal extension to your tax return to avoid a late-filing penalty. Be sure to claim any Form IL-505-I payments on your 2022 Form IL-1040, Line 26. What if I need additional forms or assistance? • Visit our website at tax.illinois.gov for assistance and forms • Write to us at: ILLINOIS DEPARTMENT OF REVENUE PO BOX 19001 SPRINGFIELD, ILLINOIS 62794-9001 • Call 1 800 732-8866 or 217 782-3336 (TDD, telecommunications device for the deaf, at 1 800 544-5304). • Visit a taxpayer assistance office - 8:00 a.m. to 5:00 p.m. (Springfield office) and 8:30 a.m. to 5:00 p.m. (all other offices), Monday through Friday. What if I want to pay electronically? Use one of the following electronic payment options: Online – Visit our website at mytax.illinois.gov to have your payment taken from your checking or savings account. You will need your IL-PIN (Illinois Personal Identification Number). Credit Card – Use your MasterCard, Discover, American Express, or Visa. The credit card service provider will assess a convenience fee. Have your credit card ready and visit our website or call one of the following: Official Payments Corporation at 1 833 747-1434. Value Payment Systems at 1 888 9-PAY-ILS (1 888 972-9457). Link2Gov/FIS at 1 877 57-TAXES (1 877 578-2937). This form is authorized as outlined under the Illinois Income Tax Act. Disclosure of this information is required. Failure to provide information could result in a penalty. Page 1 of 3 Instructions for Tax Payment Worksheet Line 1 – Income tax and other taxes Enter the total amount of individual income tax you expect to owe and any other taxes you will report on your Form IL-1040. Use Form IL-1040 as a worksheet and complete Lines 1 through 14 to determine the income tax you expect to owe and Lines 20, 21, and 22 to determine any other taxes you will report on your Form IL-1040. Add your expected income tax due and other taxes from Form IL-1040 and enter the result here. Line 2 – Withholding and pass-through withholding Enter the amount of Illinois Income Tax withheld from your wages or other income for the tax year and pass-through withholding made on your behalf for 2022 and reported to you on Schedule K-1-P or K-1-T. Line 3 – Estimated income tax payments Enter the total amount of Illinois estimated payments you made with Form IL-1040-ES for the tax year. Include any overpayment credited to your 2022 tax. Line 4 – Previous Form IL‑505‑I payment Enter the amount of Illinois Income Tax you paid with any previous Form IL-505-I for this tax year. Line 5 – Estimated allowable credits Enter any estimated allowable income tax credits for income tax paid to other states, Illinois Property Tax paid, education expenses, earned income, pass-through entity tax credit, and credits from Schedule 1299-C, Income Tax Subtractions and Credits (for individuals). See instructions for Form IL-1040, Schedule CR, Credit for Tax Paid to Other States, Schedule ICR, Illinois Credits, Schedule IL-EIC, Illlinois Earned Income Credit, and Schedule 1299-C. Line 6 – Total tax payments and credits Add Lines 2 through 5, and enter the total on Line 6. Line 7 – Tentative tax due Subtract Line 6 from Line 1. Round the result to whole dollars and enter it on Line 7 and on Form IL-505-I. This is your tentative tax due. If the amount is $1 or more, you must pay this amount. You may pay electronically (by credit card, EFT, or Electronic Funds Withdrawal) or file this form and attach your payment. If the tax due is less than $1, stop. Do not file this form. No payment is due. Tax Payment Worksheet for Your Records 1 2 3 4 5 Enter the total income and other taxes you expect to owe and report on Form IL-1040. 1 Enter your Illinois Income Tax withheld and pass-through withholding. 2 Enter your Illinois estimated payments and any overpayment credited to 2022. 3 Enter any tax payment made for tax year 2022 with a previous Form IL‑505‑I. 4 Enter the estimated allowable credits for income tax paid to other states, Illinois Property Tax paid, education expenses, earned income, pass-through entity tax credit, and credits from Schedule 1299-C. 5 6 Total tax payments and credits. Add Lines 2 through 5. 6 7 Tentative tax due – Subtract Line 6 from Line 1. Round to whole dollars and enter here and on Form IL‑505‑I. 7 IL‑505‑I (R-12/22) $ 0.00 $0 Page 2 of 3 We encourage all taxpayers to pay electronically whenever possible. By paying electronically, you can . . . Avoid mailing delays. Save a trip to the post office and the price of a stamp. Get immediate confirmation of your payment. Visit mytax.illinois.gov to electronically pay. If you prefer to pay the amount of tentative tax you owe on your Form IL-1040, Individual Income Tax Return, by mail, complete the IL-505-I at the bottom of this page and send it, along with your payment, to the address on the voucher. Important: Do not redact Social Security Number(s) as this can cause processing delays. Do not file Form IL-505-I if no payment is due or if you make this payment electronically or by credit card. Page 3 of 3 IL‑505‑I (R-12/22) Return only the bottom portion with your payment. Illinois Department of Revenue IL-505-I 2022 Automatic Extension Payment for Individuals Enter your Social Security numbers in the order they appear on your federal return. Your Social Security number Spouse’s Social Security number Official Use Do not file this form if no payment is due or you pay electronically or by credit card. / Month and year Your first name & initial Spouse’s first name & initial Your last name City ( Make your check or money order payable to and mail to: State ) Daytime phone number IL‑505‑I (R-12/22) . $ _____________ _____ Tentative tax due (Whole dollars only) Street address ZIP ILLINOIS DEPARTMENT OF REVENUE PO BOX 19005 SPRINGFIELD IL 62794–9005 *71212221W* Reset Print
2022 IL-505-I Automatic Extension Payment for Individuals Filing Form IL-1040
More about the Illinois Form IL-505-B Individual Income Tax Extension TY 2022
The purpose of Form IL-505-I, Automatic Extension Payment, is to provide taxpayers who are unable to file their tax return by the due date a means of calculating and remitting their tentative tax liability (including any other taxes you will report on your Form IL-1040) on or before the original due date of the return.
We last updated the Automatic Extension Payment in February 2023, so this is the latest version of Form IL-505-B, fully updated for tax year 2022. You can download or print current or past-year PDFs of Form IL-505-B directly from TaxFormFinder. You can print other Illinois tax forms here.
Related Illinois Individual Income Tax Forms:
TaxFormFinder has an additional 75 Illinois income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Illinois Form IL-505-B.
|Form Code||Form Name|
|Form IL-505-I||Automatic Extension Payment for Individuals Filing Form IL-1040|
View all 76 Illinois Income Tax Forms
Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Form IL-505-B from the Department of Revenue in February 2023.
Form IL-505-B is an Illinois Individual Income Tax form. The IRS and most states will grant an automatic 6-month extension of time to file income tax and other types of tax returns, which can be obtained by filing the proper extension request form. Obtaining an extension will prevent you from being subject to often very large failure-to-file penalties. However, in most cases this extension does not exempt you from the requirement to pay any tax owed in full by the return's original filing date.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Illinois Form IL-505-B
We have a total of twelve past-year versions of Form IL-505-B in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2022 IL-505-I Automatic Extension Payment for Individuals Filing Form IL-1040
2021 IL-505-I, Automatic Extension Payment for Individuals Filing Form IL-1040
2017 IL-505-B, Automatic Extension Payment
IL-505-I 2018 Automatic Extension Payment for Individuals
2017 IL-505-I, Automatic Extension Payment for Individuals Filing Form IL-1040
2015 IL-505-B, Automatic Extension Payment
2014 IL-505-B, Automatic Extension Payment
2013 IL-505-B, Automatic Extension Payment
IL- -505 B
While we do our best to keep our list of Illinois Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.