Form Il-2220 - Instructions - Illinois Department Of Revenue - 2012 Page 4
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1
2
3
4Example
ABC Corporation’s total Illinois income and replacement tax is
The corporation made the following estimated payments:
$1,875, as shown on its 2012 Form IL-1120, Step 8, Line 52.
The 2011 tax was $2,600. The corporation filed Form IL-1120 on
$100 4-16-12
$750
9-17-12
September 2, 2013, and paid $300 with the return.
$200 6-15-12
$250 12-22-12
Step 3: Figure your unpaid tax
-
all taxpayers
1875
15 Write your total net income and replacement tax. See instructions.
15 ____________ 00
16 a Write the total amount of all payments made on or before the original due date of your
tax return. Include your credit carryforward from the prior year, total estimated payments
made this year, 505-B payments, any pass-through entity payments made on your behalf,
annual payments made with your tax return or “V” vouchers, electronic payments, and
1300
any gambling withholding shown on Form W-2G.
16a
____________ 00
b Form IL-1120 filers only: Write the total of all Columns, Line 10.
1688
All others, write zero.
16b
____________ 00
Write the greater of Line 16a or Line 16b here.
16 ____________ 00
1688
17 Subtract Line 16 from Line 15. If this amount is
—positive, write that amount here. Continue to Step 4 and write this amount in
Penalty Worksheet 2, Line 21, Column C.
187
—zero or negative, write that amount here and, if negative, use brackets.
17 ____________ 00
Step 4: Figure your late-payment penalty
Use Penalty Worksheet 1 to figure your late-payment penalty for underpayment of estimated tax.
Use Penalty Worksheet 2 to figure your late-payment penalty for underpaid tax.
You must follow the instructions in order to properly complete the penalty worksheets.
18
Write the amount and the date of each payment you made. See instructions.
Amount
Date paid
Amount
Date paid
Amount
Date paid
a
e
i
____________
100
_ _/_ _/_ _ _ _
04 16 2012
____________
300
_ _/_ _/_ _ _ _
09 02 2013
____________
_ _/_ _/_ _ _ _
b
200
_ _/_ _/_ _ _ _
06 15 2012
f
_ _/_ _/_ _ _ _
j
_ _/_ _/_ _ _ _
____________
____________
____________
c
g
k
____________
750
_ _/_ _/_ _ _ _
09 17 2012
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
d
250
_ _/_ _/_ _ _ _
12 20 2012
h
_ _/_ _/_ _ _ _
l
_ _/_ _/_ _ _ _
____________
____________
____________
Number of days late
Penalty rate
Penalty rates
1 - 30 ........................... .02
31 or more ...................... .10
Penalty Worksheet 1 —
Calculations
Late-payment penalty for underpayment of estimated tax
If you paid the required amount from Line 14 by the payment due date on Line 9 for each quarter, do not complete this worksheet.
19
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 2012
__________
422
__________
100
__________
322
_ _/_ _/_ _ _ _
04 16 2012
_____
0
__________ ______
Qtr. 1
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
322
200
122
06 15 2012
60
.10
20.00
(200 x .10 = 20.00)
__________
122
__________
750
__________
(628)
_ _/_ _/_ _ _ _
09 17 2012
_____
154
__________ ______
.10
12.20
(122 x .10 = 12.20)
_ _/_ _/_ _ _ _
06 15 2012
__________
422
__________
628
__________
(206)
_ _/_ _/_ _ _ _
09 17 2012
_____
94
__________ ______
.10
42.20
(422 x .10 = 42.20)
Qtr. 2
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
_ _/_ _/_ _ _ _
09 17 2012
__________
422
__________
206
__________
216
_ _/_ _/_ _ _ _
09 17 2012
_____
0
__________ ______
Qtr. 3
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
(216 x .10 = 21.60)
216
250
(34)
12 20 2012
94
.10
21.60
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 4
_ _/_ _/_ _ _ _
12 17 2012
__________
422
__________
34
__________
388
_ _/_ _/_ _ _ _
12 20 2012
_____
3
__________ ______
.02
.68
(34 x .02 = .68)
__________
388
__________
300
__________
88
_ _/_ _/_ _ _ _
09 02 2013
_____
259
__________ ______
.10
30.00
(300 x .10 = 30.00)
__________
88
__________
0
__________
88
_ _/_ _/_ _ _ _
_____
__________ ______
.10
8.80
(88 x .10 = 8.80)
20
Add Column I, Quarters 1 through 4. This is your late-payment penalty for underpayment of estimated tax.
20 __________
135.48
Write the total amount here and on Form IL-1120, Step 8, Line 53.
You may apply any remaining overpayment from the 4th quarter, in Column E above to any underpayment when figuring
Penalty Worksheet 2, only if the payment date in Column F is after the original due date of the return.
Penalty Worksheet 2 —
Late-payment penalty for unpaid tax
21
Write any positive amount from Line 17 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
date
amount
applied
(Col. C - Col. D)
date
days late (see above)
Penalty
_ _/_ _/_ _ _ _
03 15 2013
__________
187
__________
0
__________
187
_ _/_ _/_ _ _ _
_____
_____
.10
__________
18.70
(187 x .10 = 18.70)
Return
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
22
Add Column I. This is your late-payment penalty for unpaid tax.
22 __________
18.70
Write the total amount here and on Step 5, Line 26.
IL-2220 Instructions (R-12/12)
Page 4 of 4
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