Form Il-2220 - Computation Of Penalties For Businesses - 2005 Page 2
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3Step 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
1 - 30 .......................... .02
31 or more ...................... .10
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
a
____________
_ _/_ _/_ _ _ _
b
____________
_ _/_ _/_ _ _ _
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
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Return
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
22
Add Column I. This is your late-payment penalty for unpaid tax.
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
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.
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
a
____________
_ _/_ _/_ _ _ _
c
____________
_ _/_ _/_ _ _ _
e
____________
_ _/_ _/_ _ _ _
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
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Qtr. 1
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Qtr. 2
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Qtr. 3
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
_ _/_ _/_ _ _ _
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
Qtr. 4
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
__________
__________
__________
_ _/_ _/_ _ _ _
_____
_____
__________
25
Add Column I, Quarters 1 through 4. This is your late-payment penalty for underpayment of estimated tax.
Write the total amount here and on Line 29b.
25 __________
Page 2 of 3
IL-2220 (R-12/05)
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