Form Il-2220 - Instructions - Illinois Department Of Revenue - 2011 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 2011 Form IL-1120, Step 8, Line 52.
The 2010 tax was $2,600. The corporation filed Form IL-1120 on
$100 4-18-11
$750 9-15-11
September 1, 2012, and paid $300 with the return.
$200 6-15-11
$250 12-20-11
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 any credit carryforward
from the prior year, your total estimated tax payments made this year,
1300
505-B payments, and any pass-through entity payments made on your behalf.
16a
____________ 00
b Form IL-1120 filers only: Write the total of all Columns, Line 10.
1688
All other filers, write zero.
16b
____________ 00
1688
Write the greater of Line 16a or Line 16b here.
16 ____________ 00
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
100
04 18 2011
300
09 01 2012
a
____________
_ _/_ _/_ _ _ _
e
____________
_ _/_ _/_ _ _ _
i
____________
_ _/_ _/_ _ _ _
200
06 15 2011
b
_ _/_ _/_ _ _ _
f
_ _/_ _/_ _ _ _
j
_ _/_ _/_ _ _ _
____________
____________
____________
750
09 15 2011
c
g
k
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
250
12 20 2011
d
_ _/_ _/_ _ _ _
h
_ _/_ _/_ _ _ _
l
_ _/_ _/_ _ _ _
____________
____________
____________
Penalty rate
Number of days late
Penalty rate
1 - 30 . .......................... .02
31 or more ...................... .10
Calculations
Penalty Worksheet 1 —
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 18 2011
422
100
322
04 18
2011
0
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 1
(200 x .10 = 20.00)
322
200
122
06 15
2011
58
.10
20.00
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
122
750
(628)
09 15
2011
150
.10
12.20
(122 x .10 = 12.20)
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
06 15 2011
422
628
(206)
09 15
2011
92
.10
42.20
(422 x .10 = 42.20)
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 2
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
09 15 2011
422
206
216
09 15
2011
0
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 3
(216 x .10 = 21.60)
216
250
(34)
12 20
2011
96
.10
21.60
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
12 15 2011
422
34
388
12 20
2011
5
.02
.68
(34 x .02 = .68)
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 4
388
300
88
09 01
2012
261
.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.
135.48
20 __________
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
(187 x .10 = 18.70)
03 15 2012
187
0
187
.10
18.70
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Return
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
22
Add Column I. This is your late-payment penalty for unpaid tax.
18.70
22 __________
Write the total amount here and on Step 5, Line 26.
IL-2220 Instructions (R-12//11)
Page 4 of 4
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