Form Il-2220 - Computation Of Penalties For Businesses - 2001
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3Illinois Department of Revenue
IL-2220
2001
Computation of Penalties for Businesses
For IL-1120, IL-1120-ST, IL-1065, IL-1041, IL-1023-C, or IL-990-T filers
Step 1: Complete the following information
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This form is for 2001 calendar year or for fiscal year beginning __ __/__ __/ __ __ __ __, and ending __ __/__ __/ __ __ __ __.
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2
Write your name as it appears on your annual return.
____________________________________
3
Write your FEIN as it appears on your annual return.
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___ ___ - ___ ___ ___ ___ ___ ___ ___
4
If your prior year return was filed under a different FEIN
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than the one shown on Line 3, write that number here.
___ ___ - ___ ___ ___ ___ ___ ___ ___
Step 2: Figure your required installments -
Form IL-1120 filers only
A
B
This year
Last year
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Write the total net income and replacement tax from each Form IL-1120, Part II,
Line 3. If prior year’s tax was zero, write “N/A” in Column B. See instructions.
5
________________
________________
6
Multiply Column A, Line 5, by 90% (.9).
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________________
7
If Column A, Line 5, is $400 or less, write “0” and go to Step 3. Otherwise, write
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the lesser of Column A, Line 6, or Column B, Line 5. See instructions.
________________
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Divide the amount on Line 7 by four. This is the amount of each required
installment.
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________________
( If you used the annualized income installment method, see instructions. )
Quarter 1
Quarter 2
Quarter 3
Quarter 4
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Write in Quarters 1 through 4, the
installment date that corresponds
with the 15th day of the 4th, 6th, 9th,
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and 12th month of your tax year.
__ __/__ __/__ __ __ __
__ __/__ __/__ __ __ __
__ __/__ __/__ __ __ __
__ __/__ __/__ __ __ __
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Write the required installment.
See instructions.
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________________
________________
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Write the amount of credit carried
Do not write on this line.
Do not write on this line.
Do not write on this line.
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forward from the prior year.
________________
________________
________________
________________
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Subtract Line 11 from Line 10. If
the amount is negative, use brackets.
Write in Quarters 2 through 4,
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the amount from Line 10.
________________
________________
________________
________________
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If the amount on Line 14 of the
previous quarter is negative,
write that amount as a positive
here. Otherwise, write “0.”
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________________
Skip this line for Quarter 1.
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________________
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Subtract Line 13 from Line 12.
If the amount is negative,
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use brackets.
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________________
________________
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Step 3: Figure your unpaid tax
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Write the amount from Column A, Line 5.
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Add your credit carried forward from the prior year and your total estimated tax payments made this year.
Compare that total to either the amount written on Line 7, or, if you annualized, the total of Line 10,
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Quarters 1 through 4, and write the greater amount here.
________________
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Write other payments made on or before your original due date.
a Write the amount and the date of your Form IL-505-B.
17a
___________ __ __/__ __/__ __ __ __
b Write the amount and the date of any other payment.
17b
___________ __ __/__ __/__ __ __ __
Add Lines 17a and 17b.
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Add Lines 16 and 17.
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Subtract Line 18 from Line 15. If this amount is
—positive , write that amount here. Continue to Step 4 and write this amount in
Penalty Worksheet 1, Line 21, Column C.
—zero or negative, write that amount here and, if negative, use brackets. Continue to Step 4,
skip Penalty Worksheet 1, and go to Penalty Worksheet 2. You may apply this overpayment
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to any underpayment when figuring your Penalty Worksheet 2. See instructions.
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IL-2220 (R-12/01)
Page 1 of 3
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