Form Il-2220 - Computation Of Penalties For Businesses - 2015 Page 3
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1
2
3Step 5: Figure your late-filing penalty and your total penalties
*534203110*
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.
23
23
Enter the amount of your tax due from your return. See instructions.
00
24
24
Multiply the amount on Line 23 by 2% (.02).
00
25
25
Enter the lesser of Line 24 or $250. This is your late-filing penalty.
00
26
26
Enter your late-payment penalty for unpaid tax from Line 22.
00
27
If you have an overpayment on your tax return*, enter that amount as a <negative number>.
27
If you have an amount due on your tax return*, enter that amount here.
00
*
See instructions for the correct line references for all tax returns.
28
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.
00
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. If you fail to complete all lines of Step 6, Lines 29
through 45, Columns A through D, we may disregard your election to annualize your income and calculate your late-payment penalty for
underpayment of estimated tax based on four equal installments.
A
B
C
D
First 3 months
First 6 months
First 9 months
29
Enter your Illinois net income for
For Column A
29 ________________
each period. If negative, enter “0”.
only: Go directly to
00
00
00
30
30 ________________
4
2
1.33333
Line 32
Annualization factors
31
31 ________________
Multiply Line 29 by Line 30.
00
00
00
First 3 months
First 5 months
First 8 months
First 11 months
32
for
Enter your Illinois net income
32
each period. If negative, enter “0”.
00
00
00
00
33
33
4
2.4
1.5
1.09091
Annualization factors
34
34
Multiply Line 32 by Line 33.
00
00
00
00
35
In Column A, enter the amount
from Line 34, Column A.
In Columns B, C, and D, enter
the lesser of Line 31 or 34
35
for each period.
00
00
00
00
36a
Net replacement tax for the period.
36a
See instructions.
00
00
00
00
36b
Net income tax for the period.
36b
See instructions.
00
00
00
00
36c
Cannabis surcharge for the period.
36c
See instructions.
00
00
00
00
36d
36d
00
00
00
00
Add Lines 36a, 36b, and 36c.
22.5% ( .225 )
45% ( .45 )
67.5% ( .675 )
90% ( .9 )
37
37
Applicable percentage
38
Multiply Line 36d by Line 37. This
38
is your annualized installment.
00
00
00
00
39
Add the amounts on Line 45 of
each of the preceding columns
39
and enter the total here.
00
00
00
Do not write on this line.
40
Subtract Line 39 from Line 38.
40
00
00
00
00
If less than zero, enter “0.”
41
41
See instructions.
00
00
00
00
42
Enter the amount from Line 44
42
of the preceding column.
00
00
00
Do not write on this line.
43
43
Add Lines 41 and 42.
00
00
00
00
44
If Line 43 is greater than Line 40,
subtract Line 40 from Line 43.
44
Otherwise, enter “0.”
00
00
00
Do not write on this line.
45
Enter the lesser of Line 40 or 43
here and on Step 2, Line 10.
45
This is your required installment.
00
00
00
00
Go to Column B, Line 29
Go to Column C, Line 29
Go to Column D, Line 29
IL-2220 (R-12/15)
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