Form Il-2220 Instructions - 2001 Page 4
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4Example
ABC Corporation’s total Illinois income and replacement tax
The corporation made the following estimated
is $1,875, as shown on their 12/2001 Form IL-1120, Part II,
payments:
Line 3. The 2000 tax was $2,600. The corporation filed their
$100 4-16-01
$750 9-13-01
IL-1120 on September 2, 2002, and paid $300 with the return.
$200 6-15-01
$250 12-19-01
Step 3: Figure your unpaid tax
1,875
15
Write the amount from Column A, Line 5.
15
________________
16
Add your credit carried forward from the prior year and your total estimated tax payments made this year.
Compare that total to either the amount written on Line 7, or, if you annualized, the total of Line 10,
1,688
16
Quarters 1 through 4, and write the greater amount here.
________________
17
Write other payments made on or before your original due date.
17a
a Write the amount and the date of your Form IL-505-B.
___________ __ __/__ __/__ __ __ __
17b
b Write the amount and the date of any other payment.
___________ __ __/__ __/__ __ __ __
0
Add Lines 17a and 17b.
17
________________
1,688
18
Add Lines 16 and 17.
18
________________
19
Subtract Line 18 from Line 15. If this amount is
—positive , write that amount here. Continue to Step 4 and write this amount in
Penalty Worksheet 1, Line 21, Column C.
—zero or negative, write that amount here and, if negative, use brackets. Continue to Step 4,
skip Penalty Worksheet 1, and go to Penalty Worksheet 2. You may apply this overpayment
187
19
to any underpayment when figuring your Penalty Worksheet 2. See instructions.
________________
Step 4: Figure your late-payment penalty
Use Penalty Worksheet 1 to figure your late-payment penalty for unpaid tax.
Use Penalty Worksheet 2 to figure your late-payment penalty for underpayment of estimated tax.
You must follow the instructions in order to properly complete the penalty worksheets.
Penalty rates
Number of days late
Penalty rate
Number of days late
Penalty rate
1 - 30 .......................... .02
91 - 180 ........................... .10
31 - 90 ......................... .05
181 or more ....................... .15
Penalty Worksheet 1 —
Late-payment penalty for unpaid tax
20
Write the amount and the date of any payment you made after your original due date. See instructions.
Amount
Date paid
300
09 02 2002
a
_ _/_ _/_ _ _ _
____________
b
_ _/_ _/_ _ _ _
____________
21
Write the amount from Line 19, on the first line of Column C below.
Calculations
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
(187 x .10 = 18.70)
03/15/ 2002
187
300
(113)
09 02 2002
171
.10
18.70
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Return
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
22
Add Column I. This is your late-payment penalty for unpaid tax.
18.70
Write the total amount here and on Line 29a.
22_
_________
You may apply any remaining overpayment in Column E above, to any underpayment when figuring Penalty Worksheet 2.
Penalty Worksheet 2 —
Late-payment penalty for underpayment of estimated tax
23
Write the amount and the date of each estimated income tax payment you made . See instructions.
Estimated income tax payments
Amount
Date paid
Amount
Date paid
Amount
Date paid
100
04 16 2001
750
09 13 2001
a
_ _/_ _/_ _ _ _
c
_ _/_ _/_ _ _ _
e
_ _/_ _/_ _ _ _
____________
____________
____________
200
06 15 2001
250
12 19 2001
b
_ _/_ _/_ _ _ _
d
_ _/_ _/_ _ _ _
f
_ _/_ _/_ _ _ _
____________
____________
____________
24
Write 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 16 2001
422
100
322
04 16 2001
0
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Qtr. 1
(200 x .05 = 10.00)
322
200
122
06 15 2001
60
.05
10.00
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
(122 x .10 = 12.20)
122
750
(628)
09 13 2001
150
.10
12.20
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
(422 x .05 = 21.10)
06 15 2001
422
628
(206)
09 13 2001
90
.05
21.10
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Qtr. 2
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
09 17 2001
422
206
216
09 13 2001
0
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Qtr. 3
(216 x .10 = 21.60)
216
250
(34)
12 19 2001
93
.10
21.60
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
(34 x .02 = .68)
12 17 2001
422
34
388
12 19 2001
2
.02
.68
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Qtr. 4
(113 x .15 = 16.95)
388
113
275
09 02 2002
259
.15
16.95
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
(275 x .15 = 41.25)
275
0
275
.15
41.25
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
25
Add Column I, Quarters 1 through 4. This is your late-payment penalty for underpayment of estimated tax.
123.78
Write the total amount here and on Line 29b.
25_
_________
Page 4 of 4
IL-2220 instructions (R-12/01)
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