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Louisiana Estimated Income Tax Instructions
Extracted from PDF file 2024-louisiana-form-540-esi.pdf, last modified May 2023Estimated Income Tax Instructions
2024 IT-540ESi (2024) Declaration of Estimated Tax for Individuals General Information and Instructions l a t a p . r e v e n u e . l o u i s i a n a . g o v This document explains the requirements for certain individuals to pay estimated income tax on taxable income that is not subject to withholding, such as income from self-employment, interest, dividends, rents, and other taxable income such as unemployment compensation that the individual does not choose to make voluntary withholding. It also provides a worksheet for estimating the amount of estimated income tax to be paid. Who Must Make Estimated Tax Payments Louisiana income tax law, R.S. 47:116, requires individuals to make estimated income tax payments if the individual’s estimated Louisiana income tax after credits and taxes withheld can reasonably be expected to exceed $1,000 for a single filer or $2,000 for joint filers. Married couples should file a joint declaration of estimated income tax unless they file separately using different tax years. If a couple files a joint declaration but files their income tax separately, the estimated tax paid may be treated as the estimated tax of either spouse or may be divided between them in any manner. Special Rules for Farmers and Fishermen Individuals who earn at least two-thirds of their gross income from farming or fishing are allowed to file only one estimated tax payment of the full amount due on or before January 15, of the succeeding taxable year. In addition, if the farmer or fisherman files their income tax return on or before March 1, of the succeeding year and pays the total tax due, payment of estimated tax is not required. Exception to the January 15th Declaration Requirement R.S. 47:116(F) provides an exception from the estimated tax payment amendment requirement or original declaration requirement due January 15th if the taxpayer files their individual income tax return by January 31 and pays the total amount due. Note: Filing a declaration, amended declaration, or paying the last installment by January 15th, or filing an income tax return by January 31st, will not relieve you of the underpayment penalty if you failed to pay the estimated income tax that was due earlier in the year. How to Pay Estimated Tax Pay by Check or Money Order using the Estimated Tax Payment Voucher Estimated tax payments can be paid by check or money order to the Department of Revenue, and mailed with Form IT-540ES, Louisiana Estimated Tax Declaration Voucher. The payment must be postmarked on or before the payment’s due date. The payment and voucher should be mailed to the Department of Revenue, P.O. Box 91007, Baton Rouge, Louisiana 70821-9007. Pay Electronically Paying electronically ensures timely receipt of payments. When you pay electronically, there is no check to write and no voucher to mail. Payments can be made 24 hours a day, 7 days a week and proof of payment will be confirmed electronically. Electronic payments can be made using the following convenient, safe, and secure electronic payment options: How to Calculate Your Estimated Tax Use the Worksheet on page 2 for calculating your estimated income tax based on your next year’s estimated adjusted gross income to determine your Louisiana estimated tax table income. Using the tax tables from the current year, to determine your estimated Louisiana income tax less nonrefundable and refundable tax credits and estimated income tax withheld. • For online transfers directly from your checking or savings account at no cost to you, go to www.revenue.louisiana.gov/ latap Estimated Tax Payment Due Dates The estimated individual income tax may be paid in full with the first declaration or in equal installments as follows: When is a Penalty Applied Revised Statute 47:118 provides for a 12 percent penalty for underpayment of estimated income tax. The penalty may be imposed if you did not pay enough estimated tax for the year or did not make estimated payments on time or in the required amount. The penalty is imposed on each underpayment for the number of days it was unpaid. 1st payment ............................................ April 15, 2024 2nd payment .......................................... June 15, 2024 3rd payment ........................................... September 15, 2024 4th payment ........................................... January 15, 2025 Note: If a due date for an estimated tax payment falls on a weekend or legal holiday, the payment is due on the next business day. Fiscal year filers—the estimated tax payment due dates for taxpayers who file on a fiscal basis are as follows: 1st payment ����������������15th day of the 4th month of the fiscal year 2nd payment ���������������15th day of the 6th month of the fiscal year 3rd payment ����������������15th day of the 9th month of the fiscal year • For payment by credit card, go to www.revenue.louisiana.gov. It is not necessary to file the estimated payment voucher, Form IT-540ES, if the payment is made electronically. For more information on calculating the underpayment penalty, see the instructions for Form R-210R-i, Underpayment of Individual Income Tax Penalty Computation, on the Department’s website. If you owe underpayment penalty, calculate the penalty amount using Form R-210R. Revised Statute 47:118(I) authorizes waiver of the underpayment penalty if an application for waiver of the penalty is submitted within one year of tax return’s due date. To qualify for penalty waiver, the taxpayer must demonstrate that they acted in good faith and that the failure to make the proper estimated payments was attributable to extraordinary circumstances beyond the taxpayer’s control. To request underpayment penalty waiver, use Form R-20128, Request for Waiver of Penalties. 4th payment ����������������15th day of the 1st month following the close of the fiscal year Changes in Income or Exemptions — Amended Declarations If the taxpayer’s expected income or exemptions changes so that the taxpayer becomes liable for paying estimated income tax or the estimated income tax amount changes, the estimated tax payments should be calculated or revised using the appropriate worksheet and the payments adjusted as of the next estimated payment due date. You can pay your Louisiana Estimated Tax for Individuals by Credit Card, over the Internet, or by phone. Visit www.revenue.louisiana.gov for more information. IT-540ESi (2024) Worksheet for Estimating Your 2024 Louisiana Individual Income Tax Keep for your records. Do not mail. Form IT-540 and instructions for 2023 should be used as a guide. 1. Estimated Federal Adjusted Gross Income for 2024 ........................................................................................ 1. 00 2. Estimated Exempt Income for 2024 .................................................................................................................... 2. 00 3. Your Estimated Louisiana Tax Table Income (Subtract Line 2 from Line 1) .................................................... 3. 00 4. Estimated Louisiana Income Tax ........................................................................................................................ 4. 00 5. Less Estimated 2024 Total Nonrefundable Credits .......................................................................................... 5. 00 6. Less Estimated 2024 Total Refundable Credits ................................................................................................ 6. 00 7. Adjusted Louisiana Income Tax (Subtract Lines 5 and 6 from Line 4) .............................................................. 7. 00 8. Less Louisiana Income Tax to be withheld in 2024 including any credit carried forward from 2023 (Round to the nearest dollar) ......................................................................... 8. 00 9. Estimated Income Tax (Subtract Line 8 from Line 7) .......................................................................................... 9. 00 10. If you first become liable to file a declaration on or before: Then enter on Line 10 and in “Amount of Payment” block on Form IT-540ES: April 15, 2024 1/4 of Line 9 (Make 4 installments) June 15, 2024 1/3 of Line 9 (Make 3 installments) September 15, 2024 1/2 of Line 9 (Make 2 installments) January 15, 2025 Line 9 must be paid in full ............................ 10. 00 Note: If your estimated tax should change during the year, you may use the amended computation below to determine the amended amount to be entered on the declaration voucher. Amended Computation Use if estimated tax is substantially changed after the first declaration voucher is filed. 1. Amended Estimated Tax ...................................................................................................................................... 1. 00 2. Less: A. Amount of last year’s overpayment carried forward to 2024 estimated tax and applied to date ...... 2A. 00 B. Payments made on 2024 declaration ................................................................................................. 2B. 00 C. Total of Lines 2A and 2B .................................................................................................................... 2C. 00 3. Unpaid Balance (Line 1 less Line 2C) .................................................................................................................. 3. 00 4. Amount to be paid (Line 3 divided by number of remaining installments) Enter here and in “Amount of Payment” block on declaration voucher, Form IT-540ES. ..................................... 4. 00 How to use the Declaration Voucher 1. Fill out the worksheet above to calculate your estimated tax for 2024. Form IT-540 and instructions for 2023 should be used as a guide. If you prepared a 2023 return on Form IT-540 or Form IT-540B and expect your income in 2024 to be the same as it was for 2023, you may compute your estimated tax using the information from your 2023 return. The figures used should be adjusted for factors that apply to 2024, but did not apply to 2023. Information on how to compute your tax is also available on the Department’s web site at www.revenue.louisiana.gov. 4. Detach the voucher at the perforation and attach check or money order. Fill in the Record of Estimated Tax Payments schedule at the bottom of this page. 5. Insert voucher and payment into the pre-addressed envelope and mail. For each later installment, you need to complete only the “Amount of Payment” block on the voucher, attach payment, and mail. However, if you must amend your estimate: 2. Check your Social Security Number(s), name(s), and address on the voucher. Address changes can be submitted by accessing your account at latap.revenue.louisiana.gov. 3. Enter the amount shown on Line 10 of the worksheet in the “Amount of Payment” block on the voucher, Form IT-540ES. a. Fill out the Amended Computation Schedule above. b. Complete the “Amount of Payment” block on the voucher. c. Detach at the perforation and mail with the required payment. For each later installment, complete the “Amount of Payment” block on the voucher, attach payment, and mail. d. Additional IT-540ES forms are available on the Department’s web site. Record of Estimated Tax Payments Voucher number 1 2 3 4 Total Date Amount Total amount paid to date
Form 540-ESi
More about the Louisiana Form 540-ESi Individual Income Tax Estimated TY 2024
We last updated the Estimated Income Tax Instructions in March 2024, so this is the latest version of Form 540-ESi, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 540-ESi directly from TaxFormFinder. You can print other Louisiana tax forms here.
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TaxFormFinder has an additional 34 Louisiana income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form IT-540 | Resident Income Tax Return |
| Form 540-ES | Louisiana Estimated Tax Declaration Voucher For Individuals |
| Form 540V | Electronic Filing Payment Voucher |
| R-1300 | Employee Withholding Exemption Certificate (L-4) |
| Form R-540INS (Obsolete) | Refund Request of LA Citizens for Property Insurance-Individual |
View all 35 Louisiana Income Tax Forms
Form Sources:
Louisiana usually releases forms for the current tax year between January and April. We last updated Louisiana Form 540-ESi from the Department of Revenue in March 2024.
Form 540-ESi is a Louisiana Individual Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Louisiana Form 540-ESi
We have a total of seven past-year versions of Form 540-ESi in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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