PayoutTaxBulenox payout taxes in Illinois
Updated November 8, 2026 · For the 2026 tax year
A Bulenox payout has no tax withheld, federal or Illinois. On top of federal income tax and self-employment tax, Illinois taxes it at a flat 4.95%. For a single filer with a $70,000 day job, a $5,000 payout needs $1,958.78 set aside.
PayoutTax isn't affiliated with Bulenox. The Bulenox details below come from its help pages, as summarized in the Bulenox tax guide; the Illinois figures come from the PayoutTax 2026 tax tables, each linked to the state source.
How Bulenox reports your payouts
Bulenox calls funded traders "independent contractors responsible for filing their own taxes," and its FAQ says US citizens receive Form 1099-NEC (non-US citizens use Form W-8BEN instead). That's all Bulenox publishes on taxes that I could find: the FAQ doesn't say when the form arrives, how it's delivered, or whether there's a minimum.
Under IRS rules a 1099-NEC is due to you by January 31 of the next year, so ask Bulenox support if February comes and you have none. For 2026 payments the filing threshold is generally $2,000, but a payout with no form is still Illinois income. Keep your own list of payout dates and amounts from your Bulenox account and bank deposits.
How Illinois taxes a payout
Illinois taxes income at a flat 4.95% (2026 Booklet IL-700-T). There's no standard deduction; the exemption is $2,925 per person, and it's lost once federal AGI passes $250,000 for a single filer (Illinois exemption answer). Illinois starts from federal AGI, so the deductible half of self-employment tax lowers it.
A day job usually uses up the exemption already, so the payout is taxed at the full rate after that half of self-employment tax comes off. The Illinois guide covers the state's estimated payment rules.
How much to set aside in Illinois
Single filer, $70,000 of W-2 wages, no trading costs, one payout in 2026. These are the calculator's numbers.
| Payout | Illinois tax | Set aside | Share |
|---|---|---|---|
| $1,000 | $46.00 | $391.76 | 39.18% |
| $5,000 | $230.01 | $1,958.78 | 39.18% |
| $10,000 | $460.03 | $3,917.56 | 39.18% |
| $25,000 | $1,150.07 | $9,793.90 | 39.18% |
| $50,000 | $2,300.15 | $19,587.80 | 39.18% |
At this wage every payout here, from $1,000 to $50,000, comes out at the same share.
A $5,000 payout, line by line
| Tax on the payout | Illinois | Texas |
|---|---|---|
| Federal income tax | $1,022.29 | $1,022.29 |
| Self-employment tax | $706.48 | $706.48 |
| State income tax | $230.01 | $0.00 |
| Set aside | $1,958.78 | $1,728.76 |
| Share of the payout | 39.18% | 34.58% |
The lines can differ from the total by a cent, because the calculator rounds only at the end. The same payout in Texas is shown for comparison.
Your costs aren't on the Bulenox form
The 1099-NEC shows what Bulenox paid you, not what you spent on evaluations, resets and activation fees. Say you were paid $3,000 and spent $600 on those (single filer in Illinois, $70,000 day job). Counting the costs, the set-aside is $940.21. Going by the form alone, it would be $1,175.27. Keep the receipts and raise them with your tax preparer.
If Bulenox is your only income
With no day job, the deductions that a wage would use up come off your payouts instead, including Illinois's $2,925. On $60,000 of payouts, Illinois tax is $2,615.39 and the whole set-aside is $15,604.45, or 26.01%.
Paying it during the year
The 1099-NEC arrives after the year ends, but the tax is due during the year. The next federal estimated payment is due January 15, 2027 (the January payment guide explains it), and payouts go on Schedule C and Schedule SE when you file. Illinois estimated payments have their own rules; PayoutTax's quarterly amounts cover federal tax only.
What the estimate leaves out for Illinois:
- City, county or school-district income taxes are not included.
- Does not include the qualified business income (QBI) deduction, credits, other income or itemized deductions. You may qualify for the QBI deduction, which would lower the federal tax; ask your CPA.
Run your own wages, costs and payouts in the free calculator, or read the Illinois guide. The set-aside table by state compares every state on a $1,000 payout.
These examples are for one situation, and yours will differ. Estimate only, not tax advice. Confirm with a CPA.
Bulenox in other states
California, Texas, Florida, New York, Pennsylvania, Georgia, North Carolina, Michigan and New Jersey.
Other prop firms in Illinois
Topstep, Tradeify, MyFundedFutures and FundedNext Futures.
Sources
- Bulenox, FAQ, "How am I taxed?": independent contractors, 1099-NEC for US citizens, W-8BEN for non-US citizens. Read November 6, 2026
- IRS, Am I required to file a Form 1099 or other information return?: $2,000 threshold for 2026
- IRS, Instructions for Forms 1099-MISC and 1099-NEC: January 31 deadline
- Illinois, 2026 rate (tax.illinois.gov)
- Illinois, deduction or exemption (tax.illinois.gov)
- Illinois, starts from federal AGI (tax.illinois.gov)
- IRS, 2026 Form 1040-ES: self-employment worksheet and federal due dates
- PayoutTax 2026 tax tables: every figure the calculator used, each with its source
General information, not tax advice. This guide explains common rules for US funded traders; your situation may differ. It isn't a substitute for a licensed CPA or IRS enrolled agent, so review your own numbers with one before you file or pay.