Form Il-2220 Instructions - 2001 (Page 3 of 4) in pdf

Step 5: Figure your late-filing penalty and

If you have applied all of your estimated tax payments and

Column C remains unpaid for any quarter, you may apply

your total penalties

• any overpayment from Line 19, or

Complete Lines 26 through 28 to figure your late-filing penalty

• any overpayment from Penalty Worksheet 1, Column E.

only if

If you did not complete Penalty Worksheet 1, write

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

any payment made after your due date on Line 23. Apply this

and

payment to any amount in Column C that is unpaid after

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

applying any overpayment from Line 19.

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

If you have applied all of your payments and overpayments

Line 26 — Write the amount of tax due from your annual

and you still have an unpaid amount in Column C, write “0”

return. Your tax due is tax minus any timely payments and

here.

credits.

Complete Columns E through I.

Lines 27 and 28 — Follow the instructions on the form.

Column E — Subtract the payment in Column D from the

Line 29a — Write your late-payment penalty for unpaid tax

unpaid amount in Column C.

from Line 22.

If this amount is

Line 29b — Write your late-payment penalty for underpay-

• positive, complete Columns F through I. Write this

ment of estimated tax from Line 25.

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

Line 29 — Add Lines 29a and 29b.

Continue applying payments in date order until Column E

Line 30 — Add Lines 28 and 29. Write “penalty” and this

is an overpayment, zero, or you have written “0” in

Column D.

amount to the left of the tax due line on your annual return.

Include this penalty amount in your payment. If you are

• zero or negative, you have paid this quarter. Write the

overpaid, your refund or credit to your 2002 estimated tax will

amount here and, if negative, use brackets. Complete

be reduced by this amount.

Columns F through I. Apply any negative (overpayment)

amount in Column E to the next underpaid quarter.

Step 6: Complete the annualization

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

worksheet for Step 2, Line 10

here, and complete Columns F through I.

You should complete this worksheet if your income was not

Column F — Write the date of the estimated income tax

received evenly throughout the year, and you choose to

payment you applied in Column D as shown on Line 23. If

annualize your income. If you complete this worksheet, check

• you are applying an overpayment from Line 19, write the

the box on Form IL-1120, Part II, under Line 7, and attach this

date that corresponds to that payment, shown on either

form to your return.

Line 17a or 17b.

Complete Column A, Lines 31 through 47 before going to the

• you are applying an overpayment from Penalty

next column.

Worksheet 1, Column E, write the date that corresponds

Line 31 — In Columns B through D, calculate and write the

to that payment, shown on either Line 20a or 20b.

net income that would have been shown on Form IL-1120,

• Column D is “0,” do not write a date in Column F and skip

Part IV, Line 7, if you had completed a 2001 Form IL-1120 for

to Column H.

the first three months, the first six months, and the first nine

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

months of the tax year.

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

Net income from Form IL-1120, Part IV, Line 7, is

This is the number of days the payment was late.

base income after apportionment, Illinois net loss deduction,

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

and exemption.

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

Line 33 — Follow the instructions on the form.

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

Line 34 — In Columns A through D, calculate and write the

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

net income that would have been shown on Form IL-1120,

Column I — Figure this amount using the payment portion

Part IV, Line 7, if you had completed a 2001 Form IL-1120 for

in either Column C or Column D.

the first three months, the first five months, the first eight

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

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

multiply Column C by Column H. Otherwise, multiply

Lines 36 through 37 — Follow the instructions on the form.

Column D by Column H and write the amount here.

Line 38 — Using Line 37, calculate and write in each column

Line 25 — Add Column I, Quarters 1 through 4. This is your

the total net income and replacement tax that would have

late-payment penalty for underpayment of estimated tax.

been shown on Form IL-1120, Part II, Line 3, if you had

Write the total amount here and on Line 29b.

completed a 2001 Form IL-1120 for each period.

Your total net income and replacement tax from

Form IL-1120, Part II, Line 3, is tax after recapture and all

appropriate credits. (Refer to Form IL-1120, Parts IV and V.)

Lines 40 through 47 — Follow the instructions on the form.

IL-2220 instructions (R-12/01)

Page 3 of 4

Form Il-2220 Instructions - 2001 Page 3

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