Form Il-2220 - Computation Of Penalties For Businesses - 2011
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Illinois Department of Revenue
IL-2220
2011
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 (rather than 150 percent,
as previously published) 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
1
This form is for 2011 calendar year or fiscal year beginning __ __/__ __ 2011, and ending __ __/__ __/__ __ __ __.
Month Day
Month
Day
Year
2
Write your FEIN as it appears on your annual return.
2 ___ ___ - ___ ___ ___ ___ ___ ___ ___
3
Write your name as it appears on your annual return.
3 ____________________________________
4 If your prior year return was filed under a different FEIN
4 ___ ___ - ___ ___ ___ ___ ___ ___ ___
than the one shown on Line 2, write that number here.
Step 2: Figure your required installments -
Form IL-1120 filers only
A
B
This year
Last year
5 Write the total net income and replacement tax from Form IL-1120. See instructions.
5 ____________ 00
If prior year’s tax was zero or you filed a short year return, write “N/A” in Column B.
____________ 00
6 Multiply Column A, Line 5, by 90% (.9).
6 ____________ 00
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.
7 ____________ 00
8 Divide the amount on Line 7 by four. This is the amount of each required installment.
8 ____________ 00
(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.
9
__ __/__ __/__ __ __ __ __ __/__ __/__ __ __ __
__ __/__ __/__ __ __ __
__ __/__ __/__ __ __ __
10 Write the required installment.
See instructions.
10 ____________ 00
____________ 00
____________ 00
____________ 00
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.
11 ____________ 00
____________ 00
____________ 00
____________ 00
12 Subtract Line 11 from Line 10.
If the amount is negative,
12 ____________ 00
use brackets.
____________ 00
____________ 00
____________ 00
13 If the amount on Line 14 of the
previous quarter is negative,
write that amount as a positive
13 ________________
Skip this line for Quarter 1.
here. Otherwise, write “0.”
____________ 00
____________ 00
____________ 00
14 Subtract Line 13 from Line 12.
If the amount is negative,
use brackets.
14 ____________ 00
____________ 00
____________ 00
____________ 00
Step 3: Figure your unpaid tax
-
all taxpayers
15 Write your total net income and replacement tax. See instructions.
15 ____________ 00
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 ____________ 00
b Form IL-1120 filers only: Write the total of all Columns, Line 10. All others, write zero. 16b ____________ 00
Write the greater of Line 16a or Line 16b here.
16 ____________ 00
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.
17 ____________ 00
*134201110*
IL-2220 (R-12/11)
Page 1 of 3
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