Form Il-2220 - Computation Of Penalties For Businesses - 2002 Page 3
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1
2
3Step 5: Figure your late-filing penalty and your total penalties
Complete Lines 26 through 28 to figure your late-filing penalty only if
• you are filing your return after the extended due date; and
• your tax was not paid by your original due date.
26
26
Write the amount of your tax due from your annual return. See instructions.
________________
27
27
Multiply the amount on Line 26 by 2% (.02).
________________
28
Write the lesser of Line 27 or $250. This is your late-filing penalty.
28
________________
29 a
Write your late-payment penalty for unpaid tax from Line 22.
a
___________
b
Write your late-payment penalty for underpayment of estimated tax from Line 25.
b
___________
Add Lines 29a and 29b.
29
________________
30
Add Lines 28 and 29. Write “penalty” and this amount to the left of the tax due line on your annual return.
30
Attach this form (front and back) to your return.
________________
Step 6: Complete the annualization worksheet for Step 2, Line 10
Complete this worksheet only if
your income was not received evenly throughout the year and you choose to annualize your income.
Complete Column A, Lines 31 through 47, before going to the next column.
A
B
C
D
First 3 months
First 6 months
First 9 months
31
Write your Illinois net income
31
for each period.
________________
________________
________________
________________
Do not write on this line.
4
2
1.33333
32
32
________________
________________
________________
________________
Annualization factors
Do not write on this line.
33
33
Multiply Line 31 by Line 32.
________________
________________
________________
________________
Do not write on this line.
First 3 months
First 5 months
First 8 months
First 11 months
34
Write your Illinois net income
34
________________
________________
________________
________________
for each period.
4
2.4
1.5
1.09091
35
35
Annualization factors
________________
________________
________________
________________
36
36
________________
________________
________________
________________
Multiply Line 34 by Line 35.
37
In Column A, write the amount
from Line 36, Column A.
In Columns B, C, and D, write
the lesser of Line 33 or 36
37
________________
________________
________________
________________
for each period.
38
Net income and replacement tax
38
for the period. See instructions.
________________
________________
________________
________________
22.5% ( .225 )
45% ( .45 )
67.5% ( .675 )
90% ( .9 )
39
39
________________
________________
________________
________________
Applicable percentage
40
Multiply Line 38 by Line 39. This
40
_________________
________________
________________
________________
is your annualized installment.
41
Add the amounts on Line 47 of
each of the preceding columns
41
________________
________________
________________
________________
and write the total here.
Do not write on this line.
42
Subtract Line 41 from Line 40.
42
________________
________________
________________
________________
If less than zero, write “0.”
43
Divide Step 2, Line 7 by four and
43
write the result in each column.
________________
________________
________________
________________
44
Write the amount from Line 46
44
of the preceding column.
________________
________________
________________
________________
Do not write on this line.
45
45
________________
________________
________________
________________
Add Lines 43 and 44.
46
If Line 45 is greater than Line 42,
subtract Line 42 from Line 45.
46
________________
________________
________________
________________
Otherwise, write “0.”
Do not write on this line.
47
Write the lesser of Line 42 or 45
here and on Step 2, Line 10.
47
This is your required installment.
________________
________________
________________
________________
This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this information is REQUIRED. Failure to provide
information could result in a penalty. This form has been approved by the Forms Management Center.
IL-492-0071
IL-2220 (R-12/02)
Page 3 of 3
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