Form Il-2220 - Computation Of Penalties For Businesses - 2016
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Illinois Department of Revenue
IL-2220
2016
Computation of Penalties for Businesses
Attach to your Form IL-1120, IL-1120-ST, IL-1065, IL-1041, or IL-990-T
IL Attachment No. 19
-
Read this information first
We encourage you to let us figure your penalties and send you a bill, instead of completing this form yourself. You
must complete this form if you are using the annualized income installment method for late-payment penalty for underpayment of estimated tax in Step 6.
You do not owe the late-payment penalty for underpayment of estimated tax if you made timely estimated installment payments equaling at least 90 percent
of this year’s tax liability or 100 percent of the prior year’s tax liability (provided you reported a liability in the prior year and it was not a short taxable year). See
the Specific Instructions for more information. The late-payment penalty for underpayment of estimated tax is based on the tax shown due on your original
return. Do not use the tax shown on an amended return filed after the extended due date of the return to compute your required installments in Step 2.
Step 1: Provide the following information
1
This form is for 2016 calendar year or fiscal year beginning __ __/__ __ 2016, and ending __ __/__ __/__ __ __ __.
Month
Day
Month
Day
Year
2
2
Enter your FEIN as it appears on your annual return.
3
Enter your name as it appears on your annual return.
3
4 If your prior year return was filed under a different FEIN
than the one shown on Line 2, enter that number here.
4
Step 2: Figure your required installments -
Form IL-1120 filers only
A
B
This year
Last year
5 Enter the total net income and replacement tax and surcharge from Form IL-1120. See
instructions. If prior year’s tax was zero or you filed a short year return, enter “N/A” in Column B.
00
00
You may be required to make installments even if you enter “N/A” in Column B. See instructions. 5
6 Enter the total amount of pass-through withholding payments made on your behalf and
00
the amount of Illinois gambling withholding from Form IL-1120. See instructions.
6
00
7 Subtract Line 6 from Column A, Line 5.
7
00
8 Multiply Column A, Line 5, by 90% (.9).
8
9 If Line 7, is $400 or less, enter “0” and go to Step 3. Otherwise, enter the lesser of Line 8,
or Column B, Line 5. (If Line 7 is more than $400 and you entered “N/A” in Column B,
00
Line 5, enter the amount from Line 8.) See instructions.
9
10 Divide the amount on Line 9 by four. This is the amount of each required installment.
00
(If you used the annualized income installment method, see instructions for Line 12.)
10
11 Enter in Quarters 1 through 4, the
Quarter 1
Quarter 2
Quarter 3
Quarter 4
installment date that corresponds
with the 15th day of the 4th, 6th, 9th,
and 12th month of your tax year.
11
__ __/__ __/__ __ __ __ __ __/__ __/__ __ __ __
__ __/__ __/__ __ __ __
__ __/__ __/__ __ __ __
12 Enter the required installment.
00
00
00
00
See instructions.
12
13 Enter the amount of any pass-through
withholding payments reported to you
and any gambling withholding shown
00
00
00
00
on Form W-2G. See instructions.
13
14 Subtract Line 13 from Line 12.
00
00
00
00
If the amount is negative, use brackets. 14
15 If the amount on Line 16 of the
previous quarter is negative,
enter that amount as a positive
00
00
00
here. Otherwise, enter “0.”
15
Skip this line for Quarter 1.
16 Subtract Line 15 from Line 14.
00
00
00
00
If the amount is negative, use brackets. 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
00
17
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,
00
electronic payments, and any withholding shown on your W-2G or 1099 forms.
18a
00
b Form IL-1120 filers only: Enter the total of all Columns, Line 12. All others, enter zero. 18b
00
Enter the greater of Line 18a or Line 18b here.
18
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.
00
*163420001*
—zero or negative, enter that amount here and, if negative, use brackets.
19
IL-2220 (R-12/16)
Page 1 of 3
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