Form Il-2220 - Computation Of Penalties For Businesses - 2000 Page 2
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4Step 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
Number of days late
Penalty rate
1 - 30 .......................... .02
91 - 180 ........................... .10
31 - 90 ......................... .05
181 or more ....................... .15
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
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.
25_
Write the total amount here and on Line 29b.
_________
Page 2 of 3
IL-2220 (R-12/00)
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