Form Il-2220 - Computation Of Penalties For Businesses - 2013 Page 3
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3Step 5: Figure your late-filing penalty and your total penalties
*334203110*
Complete Lines 23 through 25 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.
Write the amount of your tax due from your annual return. See instructions.
00
23
23
Multiply the amount on Line 23 by 2% (.02).
00
24
24
Write the lesser of Line 24 or $250. This is your late-filing penalty.
00
250
25
25
Write your late-payment penalty for unpaid tax from Line 22.
00
26
26
If you have an overpayment on your tax return*, write that amount as a <negative number>.
27
If you have an amount due on your tax return*, write that amount here.
00
27
*
See instructions for the correct line references for all tax returns.
Add Lines 25, 26, and 27. If the result is positive, this is the total amount you owe. If the result is negative,
28
this is the amount you are overpaid (before any amount applied to next year’s estimated payment).
00
250
28
This amount may not match your overpayment or tax due on your original tax form. Pay the amount
on Line 28 if you wish to pay your penalties at this time. Otherwise, we will send you a bill.
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. Beginning with Column A, complete Lines 29 through 45 of each column.
A
B
C
D
First 3 months
First 6 months
First 9 months
Write your Illinois net income
29
For Column A
________________
for each period.
00
00
00
29
only: Go directly to
4
2
1.33333
________________
Annualization factors
Line 32
30
30
Multiply Line 29 by Line 30.
________________
00
00
00
31
31
First 3 months
First 5 months
First 8 months
First 11 months
Write your Illinois net income
32
for each period.
00
00
00
00
32
4
2.4
1.5
1.09091
Annualization factors
33
33
Multiply Line 32 by Line 33.
00
00
00
00
34
34
In Column A, write the amount
35
from Line 34, Column A.
In Columns B, C, and D, write
the lesser of Line 31 or 34
00
00
00
00
for each period.
35
Net replacement tax for the period.
36a
See instructions.
00
00
00
00
36a
Net income tax for the period.
36b
See instructions.
00
00
00
00
36b
Cannabis surcharge for the period.
36c
See instructions.
00
00
00
00
36c
Add Lines 36a, 36b, and 36c.
00
00
00
00
36d
36d
22.5% ( .225 )
45% ( .45 )
67.5% ( .675 )
90% ( .9 )
Applicable percentage
37
37
Multiply Line 36d by Line 37. This
38
is your annualized installment.
00
00
00
00
38
Add the amounts on Line 45 of
39
each of the preceding columns
and write the total here.
00
00
00
39
Do not write on this line.
Subtract Line 39 from Line 38.
40
If less than zero, write “0.”
00
00
00
00
40
See instructions.
00
00
00
00
41
41
Write the amount from Line 44
42
of the preceding column.
00
00
00
42
Do not write on this line.
Add Lines 41 and 42.
00
00
00
00
43
43
If Line 43 is greater than Line 40,
44
subtract Line 40 from Line 43.
00
00
00
00
Otherwise, write “0.”
44
Write the lesser of Line 40 or 43
45
here and on Step 2, Line 10.
This is your required installment.
00
00
00
00
45
Go to Column B, Line 29
Go to Column C, Line 29
Go to Column D, Line 29
Page 3 of 3
IL-2220 (R-12/13)
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