Form Il-2220 - Instructions - Illinois Department Of Revenue

Column H —

Example: If an income tax credit was repealed by law, effective June

Enter the penalty rate that applies to the number of days

22, 2015, for tax years ending on or after December 31, 2015, and the

you entered in Column G. See the penalty rates listed on Form IL-2220,

credit was reinstated July 30, 2016, for tax years ending on or after

Page 2, above Penalty Worksheet 1.

December 31, 2016, a calendar-year taxpayer could use the credit to

If Column D is “0,” enter 10 percent (.10).

reduce the tax liability on the 2015 Form IL-2220, in Columns A and B,

Column I —

Figure this amount using the payment portion in either

Line 36b, but not for Columns C or D.

Column C or Column D.

The credit could be used again on the 2016 Form IL-2220, in Column D,

If Column D is “0” or if Column E is “0” or a negative figure multiply

Line 36b, but not Columns A and B. The credit may be used in Column C

Column C by Column H. Otherwise, multiply Column D by Column H

of the 2016 Form IL-2220 only if the income used to compute the liability

and enter the amount here.

on Line 36b is the annualized amount for the first eight months of the

year on Line 34. The credit may not be used if the annualized income

Line 22 —

Add Column I. This is your late-payment penalty for

for the first six months of the year on Line 31 is used, because the law

unpaid tax. Enter the amount here and on Step 5, Line 26.

restoring the credit was not in effect as of June 30, 2016.

Step 5: Figure your late-filing penalty and your

Line 29 —

In Columns B through D, calculate and enter the net income

total penalties

that would have been shown on Form IL-1120, Step 5, Line 39, if you had

completed a 2015 Form IL-1120 for the first three months, the first six

Complete Lines 23 through 25 to figure your late-filing penalty only if

months, and the first nine months of the tax year.

• you are filing your return after your extended due date; and

Net income from Form IL-1120, Step 5, Line 39, is base income

• your tax was not paid by the original due date.

after apportionment and Illinois net loss deduction (during applicable years).

Otherwise, you do not owe a late-filing penalty.

Line 32 —

In Columns A through D, calculate and enter the net income

Line 23 —

Enter the amount of tax due from your return. Your tax due is

that would have been shown on Form IL-1120, Step 5, Line 39, if you had

tax, surcharge, and pass-through withholding you owe on behalf of your

completed a 2015 Form IL-1120 for the first three months, the first five

members minus any payments made on or before the original due date

months, the first eight months, and the first eleven months of the tax year.

and credits.

To avoid a common mistake, ensure you have completed all

Line 26 —

Enter your late-payment penalty for unpaid tax from Line 22.

columns of Lines 29 through 34, as applicable. If you complete this

step, do not leave these lines blank. If you have no net income to report

Line 27 —

f your annual tax return shows that you have an

in a column on Lines 29 or 32 or amounts to enter in a column on Lines

• overpayment (before any amount to be carried to the next year’s

31 or 34, enter “0” on the applicable lines. Failure to comply with this

estimated payments), enter that amount as a negative number.

requirement may result in further correspondence and a delay in the

• balance due, enter that amount as a positive number.

processing of your return.

Line 36a —

Using the net income on Line 35, calculate and enter in

Form -

Overpayment Line -

Tax Due Line-

each column the total net replacement tax that would have been shown

IL-1120

Step 8, Line 58

Step 8, Line 62

on Form IL-1120, Step 8, Line 50b, if you had completed a 2015 Form

IL-1120-ST

Step 9, Line 62

Step 9, Line 66

IL-1120 for each period.

IL-1065

Step 9, Line 63

Step 9, Line 67

Line 36b —

Using the net income on Line 35, calculate and enter in

IL-1041

Step 7, Line 56

Step 7, Line 60

each column the total net income tax that would have been shown on

IL-990-T

Step 6, Line 30

Step 6, Line 34

Form IL-1120, Step 8, Line 51b, if you had completed a 2015 Form

IL-1120 for each period.

Line 28 —

Your net income and replacement tax from Form IL-1120, Step

Add Lines 25, 26, and 27. This is your total tax and penalty

8, Lines 50b and 51b, are amounts after recapture and all appropriate

amounts. This amount may not match the overpayment and may reduce

credits. (Refer to Form IL-1120, Steps 6 and 7.) See 100.8010(d)(2)(C)

any available amount to be credited to a subsequent period, or the total

(iv) for more information.

amount due on your original tax return.

Line 36c —

For each column, determine the period and annualization

If Line 28 shows a balance due and you wish to pay your calculated penalty

factor used when calculating Line 35. Next, compute the amount of

amounts, pay the amount shown here. Otherwise, we will send you a bill.

surcharge that would have been shown on Form IL-1120, Step 8, Line

Step 6: Complete the annualization worksheet for

52, if you had completed a 2015 Form IL-1120 for each period. Finally,

Step 2, Line 10

multiply that amount by the annualization factor used for that period.

Enter the result on Line 36c.

You should complete this worksheet if your income was not received

your income.

evenly throughout the year, and you choose to annualize

Line 41 —

Enter the amount you would have entered in the

If you complete this worksheet, check the box on Form IL-1120, Step 1,

corresponding column of Step 2, Line 10, if you were not annualizing

Line V, and attach this form to your return. Beginning with Column A,

your income.

complete Lines 29 through 45 of each column.

You must complete all lines of Columns A through D in order

to use this worksheet. If you fail to complete all lines of Step 6, Lines

29 through 45, Columns A through D, we may disregard your election

to annualize your income and calculate your late-payment penalty for

underpayment of estimated tax based on four equal installments.

If the IITA was amended during your tax year and changed how you

compute your net income or tax, and the amendment does not provide

relief for taxpayers who computed their estimated tax obligations following

the old law, use the old law to compute your net income and tax for each

period ending before the date the amendment became law.

IL-2220 Instructions (R-12/15)

Page 4 of 5

Form Il-2220 - Instructions - Illinois Department Of Revenue - 2015 Page 4

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