Form Il-2220 - Instructions - Illinois Department Of Revenue - 2015 Page 5
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1
2
3
4
5Example
ABC Corporation’s total Illinois net income and replacement tax
The corporation made the following estimated payments:
and surcharge is $1,875, as shown on its 2015 Form IL-1120, Step
8, Line 53. The 2014 tax was $2,600. The corporation filed Form
$100 4-15-15
$750
9-15-15
IL-1120 on September 2, 2016, and paid $300 with the return.
$200 6-17-15
$250 12-18-15
Step 3: Figure your unpaid tax
-
all taxpayers
15 Enter your total net income and replacement tax, surcharge, and pass-through withholding payments you owed
1875
15 ____________ 00
and reported on behalf of your members. See instructions.
16 a Enter the total amount of all payments made on or before the original due date of your
tax return. Include your credit(s) carried forward from a prior year (see instructions), total estimated
payments or prepayments made this year, 505-B payments, any pass-through withholding
payments made on your behalf, annual payments made with your tax return or “V” vouchers,
1300
electronic payments, and any withholding shown on your W-2G or 1099 forms.
16a
____________ 00
1688
b Form IL-1120 filers only: Enter the total of all Columns, Line 10. All others, enter zero. 16b
____________ 00
1688
Enter the greater of Line 16a or Line 16b here.
16 ____________ 00
17 Subtract Line 16 from Line 15. If this amount is
—positive, enter that amount here. Continue to Step 4 and enter this amount in
Penalty Worksheet 2, Column C, Line 21.
187
—zero or negative, enter that amount here and, if negative, use brackets.
17 ____________ 00
Step 4: Figure your late-payment penalty
Use Penalty Worksheet 1 to figure your late-payment penalty for underpayment of estimated tax.
Use Penalty Worksheet 2 to figure your late-payment penalty for underpaid tax.
You must follow the instructions in order to properly complete the penalty worksheets.
18
Enter the amount and the date of each payment you made. Include any credit(s) carried forward from a prior year. See instructions.
Amount
Date paid
Amount
Date paid
Amount
Date paid
100
04 15 2015
300
09 02 2016
a
e
i
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
200
06 17 2015
b
_ _/_ _/_ _ _ _
f
_ _/_ _/_ _ _ _
j
_ _/_ _/_ _ _ _
____________
____________
____________
750
09 15 2015
c
g
k
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
250
12 18 2015
d
_ _/_ _/_ _ _ _
h
_ _/_ _/_ _ _ _
l
_ _/_ _/_ _ _ _
____________
____________
____________
Number of days late
Penalty rate
Penalty rates
1 - 30 ........................... .02
31 or more ...................... .10
Penalty Worksheet 1 —
Late-payment penalty for underpayment of estimated tax
Calculations
If you paid the required amount from Line 14 by the payment due date on Line 9 for each quarter, do not complete this worksheet.
19
Enter the unpaid amounts from Line 14, Quarters 1 through 4, on the first line of the appropriate quarters in Column C below.
A
B
C
D
E
F
G
H
I
Due
Unpaid
Payment
Balance due
Payment
No. of
Penalty rate
Period
date
amount
applied
(Col. C - Col. D)
date
days late
(see above)
Penalty
04 15 2015
422
100
322
04 15
2015
0
0
0.00
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 1
322
200
122
06 17
2015
63
.10
20.00
(200 x .10 = 20.00)
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
122
750
(628)
09 15
2015
153
.10
12.20
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
(122 x .10 = 12.20)
06 15 2015
422
628
(206)
09 15
2015
92
.10
42.20
(422 x .10 = 42.20)
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 2
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
09 15 2015
422
206
216
09 15
2015
0
0
0.00
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 3
(216 x .10 = 21.60)
216
250
(34)
12 18
2015
94
.10
21.60
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
12 15 2015
422
34
388
12 18
2015
3
.02
.68
(34 x .02 = .68)
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 4
388
300
88
09 02
2016
262
.10
30.00
(300 x .10 = 30.00)
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
88
0
88
.10
8.80
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
(88 x .10 = 8.80)
20
Add Column I, Quarters 1 through 4. This is your late-payment penalty for underpayment of estimated tax.
135.48
20 __________
Enter the total amount here and on Form IL-1120, Step 8, Line 54.
You may apply any remaining overpayment from the 4th quarter, in Column E above to any underpayment when figuring
Penalty Worksheet 2, only if the payment date in Column F is after the original due date of the return.
Penalty Worksheet 2 —
Late-payment penalty for unpaid tax
21
Enter any positive amount from Line 17 on the first line of Column C below.
A
B
C
D
E
F
G
H
I
Due
Unpaid
Payment
Balance due
Payment
No. of
Penalty rate
date
amount
applied
(Col. C - Col. D)
date
days late (see above)
Penalty
03 15 2016
187
0
187
.10
18.70
(187 x .10 = 18.70)
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Return
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
22
Add Column I. This is your late-payment penalty for unpaid tax.
18.70
22 __________
Enter the total amount here and on Step 5, Line 26.
Page 5 of 5
IL-2220 Instructions (R-12/15)
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