Form Il-2220 Instructions - Illinois Department Of Revenue - 2016 Page 5
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1
2
3
4
5Example
ABC Corporation’s total Illinois net income and replacement tax
The corporation made the following estimated payments:
and surcharge is $1,875, as shown on its 2016 Form IL-1120, Step
8, Line 57. The 2015 tax was $2,600. The corporation filed Form
$100 4-15-16
$750
9-15-16
IL-1120 on September 4, 2017, and paid $300 with the return.
$200 6-17-16
$250 12-19-16
Step 3: Figure your unpaid tax
-
all taxpayers
17 Enter your total net income and replacement tax, surcharge, and pass-through withholding payments you owed
1875
17 ____________ 00
and reported on behalf of your members. See instructions.
18 a Enter the total amount of all payments made on or before the original due date of your
tax return. Include your credit(s) carried forward from a prior year (see instructions), total estimated
payments or prepayments made this year, 505-B payments, any pass-through withholding
payments made on your behalf, annual payments made with your tax return or “V” vouchers,
1300
electronic payments, and any withholding shown on your W-2G or 1099 forms.
18a
____________ 00
1688
b Form IL-1120 filers only: Enter the total of all Columns, Line 12. All others, enter zero. 18b
____________ 00
1688
Enter the greater of Line 18a or Line 18b here.
18 ____________ 00
19 Subtract Line 18 from Line 17. If this amount is
—positive, enter that amount here. Continue to Step 4 and enter this amount in
Penalty Worksheet 2, Column C, Line 23.
187
—zero or negative, enter that amount here and, if negative, use brackets.
19 ____________ 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.
20
Enter the amount and the date of each payment you made. Include any credit(s) carried forward from a prior year. See instructions.
Amount
Date paid
Amount
Date paid
Amount
Date paid
100
04 15 2016
300
09 04 2017
a
e
i
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
200
06 17 2016
b
_ _/_ _/_ _ _ _
f
_ _/_ _/_ _ _ _
j
_ _/_ _/_ _ _ _
____________
____________
____________
750
09 15 2016
c
g
k
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
250
12 19 2016
d
_ _/_ _/_ _ _ _
h
_ _/_ _/_ _ _ _
l
_ _/_ _/_ _ _ _
____________
____________
____________
Number of days late
Penalty rate
Penalty rates
1 - 30 ........................... .02
31 or more ...................... .10
Penalty Worksheet 1 —
Late-payment penalty for underpayment of estimated tax
Calculations
If you paid the required amount from Line 16 by the payment due date on Line 11 for each quarter, do not complete this worksheet.
21
Enter the unpaid amounts from Line 16, 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 2016
422
100
322
04 15
2016
0
0
0.00
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 1
322
200
122
06 17
2016
60
.10
20.00
(200 x .10 = 20.00)
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
122
750
(628)
09 15
2016
150
.10
12.20
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
(122 x .10 = 12.20)
06 15 2016
422
628
(206)
09 15
2016
92
.10
42.20
(422 x .10 = 42.20)
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 2
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
09 15 2016
422
206
216
09 15
2016
0
0
0.00
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 3
(216 x .10 = 21.60)
216
250
(34)
12 19
2016
95
.10
21.60
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
12 15 2016
422
34
388
12 19
2016
4
.02
.68
(34 x .02 = .68)
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
Qtr. 4
388
300
88
09 04
2017
263
.10
30.00
(300 x .10 = 30.00)
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
88
0
88
.10
8.80
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
(88 x .10 = 8.80)
22
Add Column I, Quarters 1 through 4. This is your late-payment penalty for underpayment of estimated tax.
135.48
22 __________
Enter the total amount here and on Form IL-1120, Step 8, Line 58.
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
23
Enter any positive 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
date
amount
applied
(Col. C - Col. D)
date
days late (see above)
Penalty
04 18 2017
187
0
187
.10
18.70
(187 x .10 = 18.70)
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Return
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
24
Add Column I. This is your late-payment penalty for unpaid tax.
18.70
24 __________
Enter the total amount here and on Step 5, Line 28.
Page 5 of 5
IL-2220 Instructions (R-12/16)
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