Form Il-2220 - Instructions - Illinois Department Of Revenue

Line 28 —

If you have no more payments to apply and Column C remains unpaid,

Add Lines 25, 26, and 27. This is your total tax and penalty

write “0” in Column D and complete Columns E through I.

amounts. This amount may not match the overpayment and may reduce

any available amount to be credited to the next tax year, or the total

See the example on Page 4.

amount due on your original tax return.

Complete Columns E through I

If Line 28 shows a balance due and you wish to pay your calculated

Column E —

Subtract the payment in Column D from the unpaid

penalty amounts, pay the amount shown here. Otherwise, we will send

amount in Column C.

you a bill.

If this amount is

Step 6: Complete the annualization worksheet for

• positive, complete Columns F through I. Write this positive (unpaid)

Step 2, Line 10

amount on the next line in Column C. Continue applying payments

You should complete this worksheet if your income was not received

in date order until Column E is an overpayment, zero, or you have

evenly throughout the year, and you choose to annualize

your income.

written “0” in Column D.

If you complete this worksheet, check the box on Form IL-1120, Step 1,

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

Line V, and attach this form to your return. Beginning with Column A,

here and, if negative, use brackets. Complete Columns F through I.

complete Lines 29 through 45 of each column.

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

and complete Columns F through I.

You must complete all lines of Columns A through D in order to

Column F —

Write the date of the payment you applied in Column D. If

use this worksheet.

• you are applying an overpayment from Line 17, write the date that

If the IITA was amended during your tax year and changed how you

corresponds to that payment from Line 18.

compute your net income or tax, and the amendment does not provide

• you are applying an overpayment from Penalty Worksheet 1,

relief for taxpayers who computed their estimated tax obligations following

Column E, write the date that corresponds to that payment, shown

the old law, use the old law to compute your net income and tax for each

on Line 18.

period ending before the date the amendment became law.

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

Example: The Research and Development Credit was repealed by law,

Column H.

effective June 20, 2003, for tax years ending on or after December 31,

Column G —

2003. The credit was reinstated July 30, 2004, for tax years ending on

Figure the number of days from the date in Column B to

the date in Column F and write that number here. This is the number of

or after December 31, 2004. A calendar-year taxpayer could use the

days the payment was late.

Research and Development Credit to reduce the tax liability on the 2003

Form IL-2220, in Columns A and B, Line 38, but not for Columns C or D.

Column H —

Write the penalty rate that applies to the number of days

you wrote in Column G. See the penalty rates listed on Form IL-2220,

The credit could be used again on the 2004 Form IL-2220, in Column D,

Line 38, but not Columns A and B. The credit may be used in Column C

Page 2, below Step 4.

of the 2004 Form IL-2220 only if the income used to compute the liability

If Column D is “0,” write 10 percent (.10).

on Line 38 is the annualized amount for the first eight months of the year

Column I —

Figure this amount using the payment portion in either

on Line 36. The credit may not be used if the annualized income for the

Column C or Column D.

first six months of the year on Line 33 is used, because the law restoring

the credit was not in effect as of June 30, 2004.

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

Column C by Column H. Otherwise, multiply Column D by Column H

Line 29 —

In Columns B through D, calculate and write the net income

and write the amount here.

that would have been shown on Form IL-1120, Step 5, Line 39, if you had

Line 22 —

completed a 2011 Form IL-1120 for the first three months, the first six

Add Column I. This is your late-payment penalty for

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

unpaid tax. Write the amount here and on Step 5, Line 26.

Step 5: Figure your late-filing penalty and your

Net income from Form IL-1120, Step 5, Line 39, is base income

after apportionment and Illinois net loss deduction (during applicable

total penalties

years).

Complete Lines 23 through 25 to figure your late-filing penalty only if

Line 32 —

In Columns A through D, calculate and write the net income

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

that would have been shown on Form IL-1120, Step 5, Line 39, if you had

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

completed a 2011 Form IL-1120 for the first three months, the first five

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

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

Line 36 —

Using the net income on Line 35, calculate and write in

Line 23 —

Write the amount of tax due from your annual return. Your

each column the total net income and replacement tax that would have

tax due is tax minus any payments made on or before the original due

been shown on Form IL-1120, Step 8, Line 52, if you had completed a

date and credits.

2011 Form IL-1120 for each period.

Line 26 —

Write your late-payment penalty for unpaid tax from Line 22.

Your total net income and replacement tax from Form IL-1120,

Line 27 —

f your annual tax return shows that you have an

Step 8, Line 52 is tax after recapture and all appropriate credits. (Refer to

Form IL-1120, Steps 6 and 7.)

• overpayment (before any amount to be carried to the next year’s

Line 41 —

estimated payments), write that amount as a negative number.

Write the amount you would have entered in the

corresponding column of Step 2, Line 10, if you were not annualizing

• balance due, write that amount as a positive number.

your income.

Form -

Overpayment Line -

Tax Due Line-

IL-1120

Step 8, Line 57

Step 8, Line 60

IL-1120-ST

Step 9, Line 59

Step 9, Line 62

IL-1065

Step 9, Line 61

Step 9, Line 64

IL-1041

Step 7, Line 52

Step 7, Line 55

IL-990-T

Step 6, Line 29

Step 6, Line 32

IL-2220 Instructions (R-12//11)

Page 3 of 4

Form Il-2220 - Instructions - Illinois Department Of Revenue - 2011 Page 3

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