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Joliet Illinois online Form 2220: What You Should Know

Under section 2-206.15 of the Illinois tax law(s), for corporation taxable income from all taxable years, include either, the total amount on Line 2 or 5 million, whichever is greater. Include the lesser amount on line 3. Enter the total amount of penalties. Enter the actual amounts of penalties. 3. Do not adjust Form 2220 before entering it in the payment section of this form as the penalty amounts will be rounded to the nearest whole dollar. 4. Enter on Line 8 of Schedule V “the taxpayer's effective tax rate for the period.” The effective tax rate is equal to the amount on Line 8 divided by 25. If the taxpayer does not receive a return for a return period and there is a penalty for failure to file an income tax return, enter “PENDING” on this line. Enter “PENDING” on all other lines. If the taxpayer does not receive a return for a year and there is a penalty for non-filing, enter “FAILURE TO SUBMIT” on this line. To see a list of penalties, enter “Penalty Table.” Complete the Form 2220, Underpayment of Estimated Tax By Corporations, including the filing instructions for Form 2220. 2021 IL-2220 Form 2220, Underpayment of Estimated Tax By Corporations — Original and Modified 2021 IL-2220 Instructions — Joliet IL To use the annualized income installment method complete Form. IL-2220, Computation of Penalties for Businesses, including the annualization worksheet in Step 6. You should have filled this out in Step 4, which is the Form 2220 from Form 6166. In the worksheet add to the Form 2220, a line that shows a 5 million penalty amounts (with the actual amounts attached). Then complete the amount shown on line 3 in the worksheet (plus additional penalty if any) on Form 2220, as shown on the Form 6166. Complete the Form 2220 including the worksheet, attaching a copy of “the taxpayer's last filed income tax return” (or Form 2220-N), and any other required documents.

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