Form Il-2220 Instructions - 2000 Page 4
ADVERTISEMENT
1
2
3
4Example
ABC Corporation’s total Illinois income and replacement tax
The corporation made the following estimated
is $1,875, as shown on their 12/2000 Form IL-1120, Part II,
payments:
Line 3. The 1999 tax was $2,600. The corporation filed their
$100 4-15-00
$750 9-13-00
IL-1120 on September 1, 2001, and paid $300 with the return.
$200 6-15-00
$250 12-19-00
Step 3: Figure your unpaid tax
1875
15
15
Write the amount from Column A, Line 5.
________________
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,
1688
Quarters 1 through 4, and write the greater amount here.
16
________________
17
Write other payments made on or before your original due date.
a Write the amount and the date of your Form IL-505-B.
17a
___________ __ __/__ __/__ __ __ __
b Write the amount and the date of any other payment.
17b
___________ __ __/__ __/__ __ __ __
0
17
Add Lines 17a and 17b.
________________
1688
18
18
Add Lines 16 and 17.
________________
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, 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
to any underpayment when figuring your Penalty Worksheet 2. See instructions.
19
________________
IL-2220 (R-12/00)
Page 1 of 3
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 01 2001
a
_ _/_ _/_ _ _ _
____________
b
_ _/_ _/_ _ _ _
____________
Calculations
21
Write the amount from Line 19, 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
Period
date
amount
applied
(Col. C - Col. D)
date
days late (see above)
Penalty
(187 x .10 = 18.70)
03 15 2001
187
(300)
(113)
09 01 2001
170
.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 15 2000
750
09 13 2000
a
_ _/_ _/_ _ _ _
c
_ _/_ _/_ _ _ _
e
_ _/_ _/_ _ _ _
____________
____________
____________
200
06 15 2000
250
12 19 2000
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 15 2000
422
(100)
322
04 15 2000
0
Qtr. 1
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
(200 x .05 = 10.00)
322
(200)
122
06 15 2000
61
.05
10.00
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
(122 x .10 = 12.20)
122
(750)
(628)
09 13 2000
151
.10
12.20
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
06 15 2000
422
(628)
(206)
09 13 2000
90
.05
21.10
(422 x .05 = 21.10)
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Qtr. 2
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
09 15 2000
422
(206)
216
09 13 2000
0
Qtr. 3
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
(216 x .10 = 21.60)
216
(250)
(34)
12 19 2000
95
.10
21.60
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
12 15 2000
422
(34)
388
12 19 2000
4
.02
.68
(34 x .02 = .68)
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Qtr. 4
388
(113)
275
09 01 2001
260
.15
16.95
(113 x .15 = 16.95)
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
275
0
275
---------------
-----
.15
41.25
(275 x .15 = 41.25)
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
25
Add Column I, Quarters 1 through 4. This is your late-payment penalty for underpayment of estimated tax.
123.78
25_
Write the total amount here and on Line 29b.
_________
Page 2 of 3
IL-2220 (R-12/00)
IL-2220 instructions (N-12/00)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial