Taxpayers who pay their individual income taxes quarterly are being reminded that the payment for the second quarter of 2022 is due Wednesday, June 15, 2022.

Income taxes are pay-as-you-go. This means, by law, taxes must be paid as income is earned or received during the year. Most people pay their taxes through withholding from paychecks, pension payments, Social Security benefits or certain other government payments including unemployment compensation. For more details about who is required to make estimated payments, see the estimated payment webpage and the information below.

How do I calculate the amount of the estimated payment due for tax year 2022?

The 2022 Form IL-1040-ES, Estimated Income Tax Payments for Individuals, can help taxpayers estimate their quarterly tax payment.

Taxpayers will not be assessed a late estimated payment penalty if the amount of the timely-paid installments equals 90% of actual tax liability for 2022, or 100% of actual liabilities for 2021.