Form Il-2220 - Computation Of Penalties For Businesses - 2011 Page 2
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3Step 4: Figure your late-payment penalty
Use Penalty Worksheet 1 to figure your late-payment penalty for underpayment of estimated tax.
Use Penalty Worksheet 2 to figure your late-payment penalty for unpaid tax.
You must follow the instructions in order to properly complete the penalty worksheets.
18
Write the amount and the date of each payment you made. See instructions.
Amount
Date paid
Amount
Date paid
Amount
Date paid
a
e
i
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
____________
_ _/_ _/_ _ _ _
b
_ _/_ _/_ _ _ _
f
_ _/_ _/_ _ _ _
j
_ _/_ _/_ _ _ _
____________
____________
____________
c
_ _/_ _/_ _ _ _
g
_ _/_ _/_ _ _ _
k
_ _/_ _/_ _ _ _
____________
____________
____________
d
h
l
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
_ _/_ _/_ _ _ _
____________
____________
____________
Penalty rates
Number of days late
Penalty rate
1 - 30 ........................... .02
31 or more ...................... .10
Penalty Worksheet 1 —
Late-payment penalty for underpayment of estimated tax
If you paid the required amount from Line 14 by the payment due date on Line 9 for each quarter, do not complete this worksheet.
19
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
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
__________
__________
__________
_ _/_ _/_ _ _ _
_____
__________ ______
20
Add Column I, Quarters 1 through 4. This is your late-payment penalty for underpayment of estimated tax.
20 __________
Write the total amount here and on Form IL-1120, Step 8, Line 53.
You may apply any remaining overpayment from the 4th quarter, in Column E above to any underpayment when figuring
Penalty Worksheet 2, only if the payment date in Column F is after the original due date of the return.
Penalty Worksheet 2 —
Late-payment penalty for unpaid tax
21
Write any positive amount from Line 17 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
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.
22 __________
Write the total amount here and on Step 5, Line 26.
*134202110*
IL-2220 (R-12/11)
Page 2 of 3
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