Form Il-2220 - Computation Of Penalties For Businesses - 2016 Page 3
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2
3Step 5: Figure your late-filing penalty and your total penalties
*163420003*
Complete Lines 25 through 27 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.
25
25
Enter the amount of your tax due from your return. See instructions.
00
26
26
Multiply the amount on Line 25 by 2% (.02).
00
27
27
Enter the lesser of Line 26 or $250. This is your late-filing penalty.
00
28
28
Enter your late-payment penalty for unpaid tax from Line 24.
00
29
If you have an overpayment on your tax return*, enter that amount as a <negative number>.
29
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.
30
Add Lines 27, 28, and 29. If the result is positive, this is the total amount you owe. If the result is negative,
30
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 30 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 12
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 31 through 50 of each column. If you fail to complete all lines of Step 6, Lines 31
through 50, 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
31
Enter your Illinois net income for
For Column A
31 ________________
each period. If negative, enter “0”.
only: Go directly to
00
00
00
32
32 ________________
4
2
1.33333
Line 34
Annualization factors
33
33 ________________
Multiply Line 31 by Line 32.
00
00
00
First 3 months
First 5 months
First 8 months
First 11 months
34
for
Enter your Illinois net income
34
each period. If negative, enter “0”.
00
00
00
00
35
35
4
2.4
1.5
1.09091
Annualization factors
36
36
Multiply Line 34 by Line 35.
00
00
00
00
37
In Column A, enter the amount
from Line 36, Column A.
In Columns B, C, and D, enter
the lesser of Line 33 or 36
37
for each period.
00
00
00
00
38
Net replacement tax for the period.
38
See instructions.
00
00
00
00
39
Net income tax for the period.
39
See instructions.
00
00
00
00
40
Cannabis surcharge for the period.
40
See instructions.
00
00
00
00
41
41
00
00
00
00
Add Lines 38, 39, and 40.
22.5% ( .225 )
45% ( .45 )
67.5% ( .675 )
90% ( .9 )
42
42
Applicable percentage
43
Multiply Line 41 by Line 42. This
43
is your annualized installment.
00
00
00
00
44
Add the amounts on Line 50 of
each of the preceding columns
44
and enter the total here.
00
00
00
Do not write on this line.
45
Subtract Line 44 from Line 43.
45
00
00
00
00
If less than zero, enter “0.”
46
46
See instructions.
00
00
00
00
47
Enter the amount from Line 49
47
of the preceding column.
00
00
00
Do not write on this line.
48
48
Add Lines 46 and 47.
00
00
00
00
49
If Line 48 is greater than Line 45,
subtract Line 45 from Line 48.
49
Otherwise, enter “0.”
00
00
00
Do not write on this line.
50
Enter the lesser of Line 45 or 48
here and on Step 2, Line 12.
50
This is your required installment.
00
00
00
00
Go to Column B, Line 31
Go to Column C, Line 31
Go to Column D, Line 31
IL-2220 (R-12/16)
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