Form Il-2220 - Computation Of Penalties For Businesses

Illinois Department of Revenue

IL-2220

2012

Computation of Penalties for Businesses

Attach to your Forms IL-1120, IL-1120-ST, IL-1065, IL-1041, IL-1023-C, or IL-990-T

IL Attachment No. 19

Read this information first

For original returns only. Do not use this form with any amended return filed after the extended due

date of the return. We encourage you to let us figure your penalties and send you a bill, instead of completing this form yourself.

We will waive the late payment penalty for underpayment of estimated tax if you timely paid the lesser of 100 percent of the prior year’s tax

liability or 90 percent of the current year’s tax liability. If you elect to complete Form IL-2220, this form reflects that waiver.

Step 1: Provide the following information

This form is for 2012 calendar year or fiscal year beginning __ __/__ __ 2012, and ending __ __/__ __/__ __ __ __.

Month

Day

Month

Day

Year

Write your FEIN as it appears on your annual return.

Write your name as it appears on your annual return.

4 If your prior year return was filed under a different FEIN

than the one shown on Line 2, write that number here.

Step 2: Figure your required installments -

Form IL-1120 filers only

This year

Last year

5 Write the total net income and replacement tax from Form IL-1120. See instructions.

If prior year’s tax was zero or you filed a short year return, write “N/A” in Column B.

6 Multiply Column A, Line 5, by 90% (.9).

7 If Column A, Line 5, is $400 or less, write “0” and go to Step 3. Otherwise, write

the lesser of Column A, Line 6, or Column B, Line 5. See instructions.

8 Divide the amount on Line 7 by four. This is the amount of each required installment.

(If you used the annualized income installment method, see instructions for Line 10.)

9 Write 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.

__ __/__ __/__ __ __ __ __ __/__ __/__ __ __ __

__ __/__ __/__ __ __ __

10 Write the required installment.

See instructions.

11 Write the amount of credit carried

forward from the prior year, any

pass-through entity payment, and

any gambling withholding shown on

Form W-2G. See instructions.

12 Subtract Line 11 from Line 10.

If the amount is negative,

use brackets.

13 If the amount on Line 14 of the

previous quarter is negative,

write that amount as a positive

here. Otherwise, write “0.”

Skip this line for Quarter 1.

14 Subtract Line 13 from Line 12.

If the amount is negative,

use brackets.

Step 3: Figure your unpaid tax

all taxpayers

15 Write your total net income and replacement tax. See instructions.

16 a Write the total amount of all payments made on or before the original due date of your

tax return. Include your credit carryforward from the prior year, total estimated payments

made this year, 505-B payments, any pass-through entity payments made on your behalf,

annual payments made with your tax return or “V” vouchers, electronic payments, and

any gambling withholding shown on Form W-2G.

16a

b Form IL-1120 filers only: Write the total of all Columns, Line 10. All others, write zero. 16b

Write the greater of Line 16a or Line 16b here.

17 Subtract Line 16 from Line 15. If this amount is

—positive, write that amount here. Continue to Step 4 and write this amount in

Penalty Worksheet 2, Line 21, Column C.

—zero or negative, write that amount here and, if negative, use brackets.

IL-2220 (R-12/12)

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Form Il-2220 - Computation Of Penalties For Businesses - 2012

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