Form IL-505-I: Illinois Automatic Extension Payment for Individuals (2023)

Form IL-505-I, also known as the Automatic Extension Payment for Individuals, is provided by the Illinois Department of Revenue (IDOR). It allows taxpayers who anticipate owing Illinois income tax on their 2023 tax return to estimate and pay that amount by the original due date, even if they cannot file the complete return by then.

Who Should Use Form IL-505-I?

This form is beneficial for taxpayers in the following situations:

Need more time to gather tax documents: If you're still collecting income statements, receipts, or other tax documents needed to file your complete return, Form IL-505-I allows you to make an estimated payment on time and avoid penalties while you gather the remaining information.

Anticipate a tax liability: If you believe you owe Illinois income tax and want to avoid late-payment penalties and interest, this form helps you estimate and submit your payment by the original due date.

Automatic Extension vs. Form IL-505-I

Illinois automatically grants a six-month extension to file your state income tax return. This means the filing deadline is extended from the original due date (typically April 15th) to October 15th. However, this automatic extension is only for filing, not for payment.

Here's where Form IL-505-I comes in. If you anticipate owing Illinois income tax, you must use this form to estimate and pay your tax liability by the original due date to avoid penalties and interest. Filing Form IL-505-I does not grant you an additional extension to file your return; you still need to submit your completed Form IL-1040 by October 15th.

In a nutshell:

  • Automatic extension: Extends filing deadline, but not payment.
  • Form IL-505-I: Allows estimating and paying anticipated tax liability to avoid penalties on unpaid taxes.

When would I have used Form IL-505-I?

(For informational purposes only) You would have used Form IL-505-I in previous years if you needed to estimate and pay your Illinois income tax liability before filing your complete return by the original due date. This helped avoid late-payment penalties and interest.

Can I still use Form IL-505-I for tax year 2023?

No. Form IL-505-I is not applicable for tax year 2023 (filing in 2024). Illinois offers an automatic six-month extension to file your return, eliminating the need for this form.

How do I estimate my tax liability for Illinois in 2023?

You can use tax preparation software or consult a tax professional to estimate your Illinois income tax liability for 2023.

What if I owe tax but can't pay it all by April 15th, 2024?

If you owe tax but cannot pay it all by the original due date, it's best to make a partial payment and file your return on time. You will still be responsible for any penalties and interest on the unpaid amount. Consider consulting a tax professional for guidance on managing your tax debt.