epay.in.govDOR: Estimated Tax

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Click to Expand Toggle Tax Fraud - Click to Expand Identity Confirmation - Click to Expand Tax Fraud and How to Report It - Click to Expand Project NextDOR - Click to Expand Motor Carrier ServicesEstimated Tax DOR Individual Income Taxes Payments and Billing Current: Estimated TaxEstimated Tax The Indiana income tax system is a pay-as-you-go” system. Many taxpayers have enough taxes withheld from their income throughout the year to cover their year-end total tax due. Additionally, some taxpayers may choose to make estimated tax payments to reduce the amount due when filing an income tax return. However, if you don’t have taxes withheld from your income, or if you don’t have enough tax withheld from your income, you may owe a penalty for underpaying estimated tax. Generally, if you owe $1,000 or more in state and county tax for the year that’s not covered by withholding taxes, you need to make estimated tax payments throughout the year. Estimated tax installment payments are due on: April 15 June 15 Sept. 15 Jan. 15 of the following year. If the due date falls on a national or state holiday, Saturday, or Sunday, then payment should be made online or postmarked by the next business day. Estimated tax installment payments may be made by one of the following methods: Using a preprinted estimated tax voucher issued by the Indiana Department of Revenue (DOR) for taxpayers with a history of paying estimated tax; Paying online; or Completing Form ES-40 and mailing it with your payment. You can find your amount due and pay online using the intime.dor.in.gov electronic payment system. Penalties for underpayment of estimated taxes You may owe this penalty if you are required to make estimated tax payments and: You didn’t make any estimated tax payments; You didn’t pay enough estimated tax; You didn’t make your payments on time; or The total of your credits, including estimated tax payments, is less than 90% of this year’s tax due or 100% of last year’s tax due (110% of last year’s tax if your federal adjusted gross income is more than $150,000 if you are a single filer or married filing jointly, or more than $75,000 if you are married filing separately). DOR assesses a penalty of 10% of the underpayment amount for each installment period. If any of these situations apply to you, you must complete Schedule IT-2210 or IT-2210A . The Schedule IT-2210 is used for one of two reasons: To help you figure any penalty you owe for not paying enough tax throughout the year, or To show you paid enough tax throughout the year to be exempt from the penalty. You should complete the Schedule IT-2210 if: The amount you owe for the tax year, after credits, is $1,000...