Form Il-516-I And Form Il-516-B Worksheet - 2016
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7Illinois Department of Revenue
Form IL-516-I and Form IL-516-B
2016
What is the purpose of Form IL-516-I and
Am I required to make prepayments?
Form IL-516-B?
No. A partnership, S corporation, or fiduciary is not required to
make prepayments of its own estimated tax liability. It also is
For tax years ending on or after December 31, 2014,
not required to make pass-through withholding prepayments on
Form IL-516-I and Form IL-516-B, Pass-through Prepayment
behalf of its partners, shareholders, or beneficiaries.
Vouchers, allow taxpayers to
However, it may make voluntary prepayments of such amounts
•
voluntarily prepay pass-through withholding on behalf of
by filing Form IL-516-I or Form IL-516-B.
their partners, shareholders, or beneficiaries, and
Complete the worksheets for Form IL-516-I and Form IL-516-B,
•
voluntarily prepay their own tax liability from
as applicable, to figure your voluntary prepayment amounts.
•
Form IL-1065, Partnership Replacement Tax Return,
What are the voluntary prepayment due dates?
•
Form IL-1120-ST, Small Business Corporation
Prepayments using Form IL-516-I or Form IL-516-B are
Replacement Tax Return, or
entirely voluntary. There are no required due dates for making
•
Form IL-1041, Fiduciary Income and Replacement Tax
prepayments. However, we do provide a suggested payment
Return.
schedule on Form IL-516-I and Form IL-516-B that you may
Form IL-1023-C, Composite Income and Replacement
follow if you wish to make your prepayments in four equal
Tax Return, and Form IL-1000, Pass-through Entity Payment
installments during the course of a year.
Income Tax Return, have been eliminated for tax years ending
Can I use another voucher to make
on or after December 31, 2014. Amounts that would have been
prepayments?
reported on Form IL-1023-C and Form IL-1000 will be reported
on Form IL-1065, Form IL-1120-ST, or Form IL-1041. In addition,
No. Using a voucher other than Form IL-516-I or Form IL-516-B
these amounts will be paid with those returns, with Form
to make these voluntary prepayments may result in your funds
IL-505-B, Automatic Extension Payment, or voluntarily prepaid
being misapplied to other tax types, and result in processing
with Form IL-516-I or Form IL-516-B.
delays when you file your annual Illinois Income Tax return (i.e.,
Form IL-1065, Form IL-1120-ST, or Form IL-1041).
Form IL-1023-CES, Composite Estimated Tax Payments for
Can I make my prepayments electronically?
Partners and Shareholders, and Form IL-1000-P, Prepayment
Voucher for Pass-through Entity Payments, also have been
Yes. If you prefer to make your payments electronically, use
eliminated and cannot be used for making prepayments for tax
MyTax Illinois or see Form EFT-1, Authorization Agreement for
years ending on or after December 31, 2014. These vouchers
Certain Electronic Payments. These options can be found on our
have been replaced by Form IL-516-I and Form IL-516-B.
website at tax.illinois.gov.
Should I use Form IL-516-I or Form IL-516-B?
If you make your payments electronically, do not send us
your Form IL-516-I or Form IL-516-B.
Form IL-516-I is used to
Where should I mail my prepayments?
•
voluntarily prepay pass-through withholding on behalf of
your nonresident individual and estate members only.
You should mail your payment, with your voucher, to the address
listed on the voucher you are using.
Form IL-516-B is used to
Attach each payment to the Form IL-516-I or Form IL-516-B
•
voluntarily prepay your own estimated tax liability, and
voucher. Do not send prepayments with your annual return.
Make your check or money order payable to “Illinois Department
•
voluntarily prepay pass-through withholding on behalf of
of Revenue.”
your partnership or S corporation, nonresident trust, and
corporation members.
What if I need additional assistance?
Depending on the types of your members and whether or not
•
Visit our website at tax.illinois.gov;
you wish to prepay your own estimated tax liability, you could file
Call our Taxpayer Assistance Division at 1 800 732-8866,
•
Form IL-516-I, Form IL-516-B, or both. Step 1 will assist you in
217 782-3336; or
determining which voucher(s) you should use.
•
Call our TDD (telecommunications device for the deaf) at 1
Different entity types use different calculations to
800 544-5304.
determine the amount of voluntary prepayment to be reported on
Our office hours are 8 a.m. to 5 p.m., Monday through Friday.
Form IL-516-I or Form IL-516-B. Using the incorrect voucher may
result in a delay in the processing of your annual Illinois Income Tax
return (i.e., Form IL-1065, Form IL-1120-ST, or Form IL-1041).
Follow the instructions on the Form IL-516-I and Form IL-516-B
worksheets to ensure you are using the correct voucher for the
entity type for which you wish to make prepayments.
Form IL-516 Instructions (R-12/15)
Page 1 of 7
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