Form Il-2220 Instructions - 2001 (Page 2 of 4) in pdf

Line 11 —

If you have no more payments to apply and Column C re-

mains unpaid, write “0” in Column D and complete Columns E

Quarter 1 — Write the amount of credit carried forward from

through I.

the prior year.

See the example on Page 4.

Line 12 —

Column E — Subtract the payment in Column D from the

Quarter 1 — Subtract Line 11 from Line 10 and write that

unpaid amount in Column C.

amount here. If this amount is negative, use brackets.

If this amount is

Quarters 2 through 4 — Write the amount from Line 10.

• positive, complete Columns F through I. Write this

Lines 13 and 14 — Complete Lines 13 and 14 of each

positive (unpaid) amount on the next line in Column C.

quarter before proceeding to the next quarter. Follow the

Continue applying payments in date order until the unpaid

instructions on the form.

amount in Column C has been satisfied (Column E is an

Step 3: Figure your unpaid tax

overpayment, zero, or you wrote “0” in Column D).

• zero or negative, you have paid your tax. Write the

Line 15 — Follow the instructions on the form.

amount here and, if negative, use brackets. Complete

Line 16 — Add your credit carried forward from the prior year

columns F through I.

and your total estimated tax payments made this year.

If this amount is negative, you may apply this over-

Compare that total to either the amount written on Line 7, or,

payment if you have an underpayment when figuring your

if you annualized, the total of Line 10, quarters 1 through 4,

Penalty Worksheet 2. See the instructions for Penalty

and write the greater amount here.

Worksheet 2, Column D.

Line 17a — Write the amount and the date of your Form

If you wrote “0” in Column D, write the amount from Column C

IL-505-B payment, made on or before your original due date.

here, and complete Columns F through I.

Line 17b — Write the amount and the date of any other

Column F — Write the date the payment in Column D was

payment you made on or before your original due date.

made. If Column D is “0,” do not write a date and skip to

Add Lines 17a and 17b.

Column H.

Line 18 — Add Lines 16 and 17.

Column G — Figure the number of days from the date in

Line 19 — Subtract Line 18 from Line 15. If the amount is

Column B to the date in Column F and write that number here.

This is the number of days the payment was late.

• positive, write the amount here. You owe a late-payment

penalty for unpaid tax. Continue to Step 4 and write this

Column H — Write the penalty rate that applies to the num-

amount in Penalty Worksheet 1, Column C.

ber of days you wrote in Column G. See the penalty rates

listed at the top of Page 2 of the form, below the note.

• zero or negative, write the amount here and, if negative,

use brackets. You do not owe a late-payment penalty for

If Column D is “0,” write 15 percent (.15).

unpaid tax. Continue to Step 4, skip Penalty Worksheet 1,

Column I — Figure this amount using the payment portion in

and go to Penalty Worksheet 2.

either Column C or Column D.

If this amount is negative, you may apply this overpay-

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

ment if you have an underpayment when figuring your Penalty

multiply Column C by Column H. Otherwise, multiply

Worksheet 2. See the instructions for Penalty Worksheet 2,

Column D by Column H and write the amount here.

Column D.

Line 22 — Add Column I. This is your late-payment penalty

Step 4: Figure your late-payment penalty

for unpaid tax. Write the amount here and on Line 29a.

Use Penalty Worksheet 1 to figure your late-payment penalty

Penalty Worksheet 2 — Late-payment penalty for

for unpaid tax.

underpayment of estimated tax

Use Penalty Worksheet 2 to figure your late-payment penalty

If the amount on Line 14 is greater than zero for any quarter,

for underpayment of estimated tax.

you owe a late payment penalty for underpayment of

You must follow the instructions in order to properly

estimated tax. Use this worksheet to figure the penalty for

complete the penalty worksheets.

any unpaid quarter.

Line 23 — Write the amount and the date of each estimated

Penalty Worksheet 1 — Late-payment penalty for

tax payment you made during the year. List the payments in

unpaid tax

date order. Do not include any payments already written on

Line 20 — Write the amount and the date of any payments

Lines 17 or 20.

you made after your original due date. List the payments in

Line 24 — Follow the instructions on the form.

date order. If you need to list more than two, write them next

Column C — Write the underpaid amount from Line 14 on the

to Lines 20a and 20b.

first line of the appropriate quarter.

Line 21 — Follow the instructions on the form.

Column D — Apply to the first unpaid quarter, the estimated

Column C — Write the amount from Line 19.

tax payment (from Line 23) with the earliest payment date.

Column D — Apply the payment from Line 20 with the

Continue applying estimated tax payments in date order until

earliest date.

all unpaid amounts in Column C have been satisfied (Column E

Continue applying payments in date order until the unpaid

is zero or an overpayment for all unpaid quarters) or you have

amount in Column C has been satisfied (Column E is zero or

no more estimated tax payments to apply.

an overpayment).

See the example on Page 4.

Page 2 of 4

IL-2220 instructions (R-12/01)

Form Il-2220 Instructions - 2001 Page 2

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