Form Il-505-B - Automatic Extension Payment For 2016 (Page 2 of 2) in pdf

What if I need additional forms or assistance?

• call 1 800 732-8866 or 217 782-3336 (TDD, telecommunications

If you need additional forms, visit our website at tax.illinois.gov.

device for the deaf, at 1 800 544-5304); or

• write to us at P.O. Box 19044, Springfield, Illinois 62794-9044.

If you need additional assistance,

• visit our website at tax.illinois.gov;

Our office hours are 8:00 a.m. to 5:00 p.m., Monday through Friday.

Tax Payment Worksheet (for your records)

Enter the total income and replacement taxes you expect to owe (including recapture of investment credits,

pass-through withholding payments you will owe on behalf of your members, and Compassionate Use of

Medical Cannabis Pilot Program Act surcharge).

Enter your Illinois estimated income and replacement tax payments, prepayments you made

on Form IL-516-I or IL-516-B, and any overpayment you elected to be credited to 2016.

Enter any withholding reported to you or pass-through withholding payments made

on your behalf.

Enter the tax payment made with any previous Form IL-505-B.

If you are a resident fiduciary, enter any credit for income tax paid to other states.

If you are a corporation, exempt organization, or a fiduciary, enter the estimated income

tax credits from Schedule 1299-D, Income Tax Credits.

Enter the estimated replacement tax investment credits from Form IL-477, Replacement

Tax Investment Credit.

If you are a corporation, enter the total of any Foreign Insurer income and replacement

tax reduction from Form IL-1120, Step 8, Lines 51 and 54.

Add lines 2 through 8. This is the total of your tax payments and credits.

Subtract Line 9 from Line 1. This is your tentative tax due. Enter the result here and on Form IL-505-B.

Pay this amount with your Form IL-505-B.

Tax Payment Worksheet Instructions

Line 4 —

Enter the amount of Illinois income and replacement tax

you paid with any previous Form IL-505-B for this tax year.

Line 1

— Enter the total amount of income and replacement

Line 5

—

— Resident fiduciaries

enter the estimated Illinois

taxes you expect to owe for the tax year, including any recapture of

credit for income tax paid to other states (the sum of Schedule CR,

investment tax credit that you expect to report on Schedule 4255,

Step 5, Lines 59 and 60). See the instructions for Schedule CR

Recapture of Investment Tax Credits, pass-through withholding

(Form IL-1041), Credit for Tax Paid to Other States.

payments you will owe on behalf of your members on your tax return

Line 6 —

—

(on your Schedule B or Schedule D), and any Compassionate Use of

Corporations, exempt organizations, or fiduciaries

enter

Medical Cannabis Pilot Program Act surcharge.

the total of any estimated income tax credits (including any credit

Line 2 —

carryforward) from Schedule 1299-D.

Enter the total amount of estimated income and

Line 7 —

replacement tax paid with Form IL-1120-ES, the total amount of

Enter the amount of any estimated replacement tax

prepayments you made with Form IL-516-I and Form IL-516-B, and

investment credits from Form IL-477.

any overpayment you elected to be credited for this tax year.

Line 8 —

—

Corporations only

enter the total of any Foreign Insurer

Line 3 —

Enter the total amount of Illinois income tax withheld on

income and replacement tax reduction from Form IL-1120.

Forms W-2 or W-2G, and the amount of pass-through withholding

Line 9 —

Follow the instructions on the worksheet.

payments made on your behalf and reported to you on Illinois

Line 10 —

If Line 10 is $1 or more, you must file Form IL-505-B and

Schedule K-1-P, Partner’s or Shareholder’s Share of Income,

pay the amount due. If Line 10 is less than $1, you do not have to pay

Deductions, Credits, and Recapture, or K-1-T, Beneficiary’s Share of

or file Form IL-505-B. Do not attach your federal Form 7004 to your

Income and Deductions.

Form IL-505-B.

If no payment is due or you make your payment electronically,

do not file Form IL-505-B.

This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this

information is REQUIRED. Failure to provide information could result in a penalty.

IL-505-B back (R-12/16)

Form Il-505-B - Automatic Extension Payment For 2016 Page 2

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