Form Il-2220 - Instructions - Illinois Department Of Revenue

Column G —

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

Figure the number of days from the date in Column B to

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

the date in Column F and enter that number here. This is the number of

relief for taxpayers who computed their estimated tax obligations following

days the payment was late.

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

Column H —

Enter the penalty rate that applies to the number of days

period ending before the date the amendment became law.

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

Example: If an income tax credit was repealed by law, effective June

Page 2, above Penalty Worksheet 1.

20, 2014, for tax years ending on or after December 31, 2014, and the

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

credit was reinstated July 30, 2015, for tax years ending on or after

Column I —

Figure this amount using the payment portion in either

December 31, 2015, a calendar-year taxpayer could use the credit to

Column C or Column D.

reduce the tax liability on the 2014 Form IL-2220, in Columns A and B,

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

If Column D is “0” or if Column E is “0” or an “overpayment,” multiply

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

The credit could be used again on the 2015 Form IL-2220, in Column D,

and enter the amount here.

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

of the 2015 Form IL-2220 only if the income used to compute the liability

Line 22 —

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

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

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

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

Step 5: Figure your late-filing penalty and your

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

total penalties

restoring the credit was not in effect as of June 30, 2015.

Line 29 —

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

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

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

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

completed a 2014 Form IL-1120 for the first three months, the first six

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

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

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

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

Line 23 —

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

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

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

Line 32 —

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

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

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

and credits.

completed a 2014 Form IL-1120 for the first three months, the first five

Line 26 —

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

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

To avoid a common mistake, ensure you have completed all

Line 27 —

f your annual tax return shows that you have an

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

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

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

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

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

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

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

requirement may result in further correspondence and a delay in the

Form -

Overpayment Line -

Tax Due Line-

processing of your return.

IL-1120

Step 8, Line 58

Step 8, Line 62

Line 36a —

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

IL-1120-ST

Step 9, Line 62

Step 9, Line 66

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

IL-1065

Step 9, Line 63

Step 9, Line 67

on Form IL-1120, Step 8, Line 50b, if you had completed a 2014 Form

IL-1041

Step 7, Line 54

Step 7, Line 58

IL-1120 for each period.

Line 36b —

IL-990-T

Step 6, Line 30

Step 6, Line 34

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

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

Form IL-1120, Step 8, Line 51b, if you had completed a 2014 Form

Line 28 —

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

IL-1120 for each period.

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

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

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

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

amount due on your original tax return.

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

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

(iv) for more information.

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

Line 36c —

For each column, determine the period and annualization

Step 6: Complete the annualization worksheet for

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

Step 2, Line 10

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

52, if you had completed a 2014 Form IL-1120 for each period. Finally,

You should complete this worksheet if your income was not received

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

your income.

evenly throughout the year, and you choose to annualize

Enter the result on Line 36c.

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

Line 41 —

Enter the amount from Step 2, Line 8.

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

complete Lines 29 through 45 of each column.

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

use this worksheet.

IL-2220 Instructions (R-12/14)

Page 4 of 5

Form Il-2220 - Instructions - Illinois Department Of Revenue - 2014 Page 4

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