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I'm not sure if this is the right subreddit to ask my question; if not please let me know!
Earlier this year (June 12th) I had received a Notice of Tax Due mentioning that I have been charged a Late Estimated Payment Penalty of $109.00 due to not making full estimated payments by the required dates (regarding 2022 Form IL-1040, Individual Income Tax Return). I have paid the Penalty amount on July 12th, however I have not paid any estimated quarterly taxes yet. As I have never been in this situation before, I am not sure how quarterly estimates work. How much would I owe quarterly and how much would my additional Late Estimated Payment Penalties be? For additional reference, I owed the following taxes when I filed 2022:
Federal: $4,250
State IL: $2,250
This is also the information that was provided on my Notice of Tax Due:
| Liability | Payments/Credits | Unpaid Balance | |
|---|---|---|---|
| Tax | 4,600.00 | (4600.00) | 0.00 |
| Late Estimated Payment Penalty | 109.00 | 0.00 | 109.00 |
| Assessment Total | 4,709.00 | (4600.00) | 109.00 |
Thank you so much in advance!
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