2023 IL-505-I Automatic Extension Payment for Individuals Filing Form IL-1040-2025

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Form IL-505-I is an Automatic Extension Payment form for individuals in Illinois who cannot file their tax return by the due date. It allows taxpayers to calculate and remit their tentative tax liability by the original due date to avoid penalties and interest. The form must be filed if a taxpayer owes tentative tax and pays by paper check or money order. An automatic six-month extension is granted, but payment of any owed tax is still required by the original due date.

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Does federal extension automatically extend state?

If you are requesting a federal extension, you are most likely going to need a state extension as well, and the procedures that you must follow vary widely from state to state. Nearly all states follow the federal governments lead and allow an automatic six-month extension of time to prepare and file your tax return.

Do I need to file an extension or is it automatic?

If you cant file by April 15, you have an automatic six-month extension to file your return until October 15. You dont have to file a written request to receive the extension because its paperless. However, the extension to file does not mean an extension to pay.

How do I get an automatic tax extension?

You can get an automatic extension of time to file your tax return by filing Form 4868 electronically. Youll receive an electronic acknowledgment once you complete the transaction. Keep it with your records. Dont mail in Form 4868 if you file electronically, unless youre making a payment with a check or money order.

Does Illinois have automatic tax extension?

We grant an automatic six-month extension of time to file your return. If you receive a federal extension of more than six months, you are automatically allowed that extension for Illinois.

Does Illinois grant automatic extension?

We grant an automatic six-month extension of time to file your return. If you receive a federal extension of more than six months, you are automatically allowed that extension for Illinois. These extensions do not grant you an extension of time to pay any tax you owe.

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Is there an extension for taxes in Illinois 2023?

Extension to File Taxes in Illinois for 2023 The Extension Deadline is October 15, 2024 to file your Illinois Individual Income tax return. Illinois automatically grants 6 months extensions on filing personal income taxes. This means you do not need to file for an extension in Illinois.

What is the IL 505 I automatic extension payment?

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

What happens if I file my Illinois taxes late?

Late-filing (or nonfiling) penalty The first tier rate is the lesser of $250 or two percent (2%) of the tax required to be shown on the return and reduced by timely payments or credits. If a return is timely filed but cannot be processed, you have 30 days to correct the return before penalty is due.

2023 IL-505-I Automatic Extension Payment for Individuals Filing Form IL-1040-2025

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