Form Il-2220 - Computation Of Penalties For Businesses - 2008 Page 3
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3Step 5: Figure your late-fi ling penalty and your total penalties
Complete Lines 26 through 28 to fi gure your late-fi ling penalty only if
•
you are fi ling your return after the extended due date; and
• your tax was not paid by your original due date.
26
26 ________________
Write the amount of your tax due from your annual return. See instructions.
27
27 ________________
Multiply the amount on Line 26 by 2% (.02).
28
28 ________________
Write the lesser of Line 27 or $250. This is your late-fi ling penalty.
29
29 ________________
Write your late-payment penalty for unpaid tax from Line 22.
30
If you have an overpayment on your tax return*, write that amount as a <negative number>.
30 ________________
If you have an amount due on your tax return*, write that amount here.
*
See instructions for the correct line references for all tax returns.
31
Add Lines 28, 29, and 30. This is the total amount you owe or are overpaid (before any amount applied
31 ________________
to next year’s estimated payment).
This amount may not match your overpayment or tax due on your original tax form. Pay the amount
on Line 31 if you wish to pay your penalties at this time. Otherwise, we will send you a bill.
Step 6: Complete the annualization worksheet for Step 2, Line 10
Complete this worksheet only if your income was not received evenly throughout the year and you choose to annualize
your income. Complete Column A, Lines 32 through 48, before going to the next column.
A
B
C
D
First 3 months
First 6 months
First 9 months
32
Write your Illinois net income
32 ________________
for each period.
________________
________________
________________
Do not write on this line.
4
2
1.33333
33
33 ________________
Annualization factors
________________
________________
________________
Do not write on this line.
34
34 ________________
________________
________________
________________
Multiply Line 32 by Line 33.
Do not write on this line.
First 3 months
First 5 months
First 8 months
First 11 months
35
Write your Illinois net income
35 ________________
for each period.
________________
________________
________________
4
2.4
1.5
1.09091
36
36 ________________
________________
________________
________________
Annualization factors
37
37 ________________
________________
________________
________________
Multiply Line 35 by Line 36.
38
In Column A, write the amount
from Line 37, Column A.
In Columns B, C, and D, write
the lesser of Line 34 or 37
38 ________________
________________
________________
________________
for each period.
39
Net income and replacement tax
39 ________________
________________
________________
________________
for the period. See instructions.
22.5% ( .225 )
45% ( .45 )
67.5% ( .675 )
90% ( .9 )
40
40 ________________
________________
________________
________________
Applicable percentage
41
Multiply Line 39 by Line 40. This
41 _________________
________________
________________
________________
is your annualized installment.
42
Add the amounts on Line 48 of
each of the preceding columns
Do not write on this line.
42 ________________
________________
________________
________________
and write the total here.
43
Subtract Line 42 from Line 41.
43 ________________
________________
________________
________________
If less than zero, write “0.”
44
Divide Step 2, Line 7 by four and
44 ________________
write the result in each column.
________________
________________
________________
45
Write the amount from Line 47
45 ________________
Do not write on this line.
of the preceding column.
________________
________________
________________
46
46 ________________
Add Lines 44 and 45.
________________
________________
________________
47
If Line 46 is greater than Line 43,
subtract Line 43 from Line 46.
47 ________________
________________
________________
________________
Otherwise, write “0.”
48
Write the lesser of Line 43 or 46
here and on Step 2, Line 10.
48 ________________
________________
________________
________________
This is your required installment.
This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this information is REQUIRED. Failure to provide
IL-2220 (R-12/08)
Page 3 of 3
information could result in a penalty. This form has been approved by the Forms Management Center.
IL-492-0071
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