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Screen ILPenS - Illinois Penalties and Interest (1120)

General Information

If the date entered in this field is later than the return due date, the application calculates the penalty for failure to pay, the penalty for failure to file, and the interest on the underpayment. If this field is blank, it defaults to the due date (original or extended) of the return.
The application prints interest and penalty amounts, if applicable, on the bottom of Page 3 with the following identifying codes.
Code
Penalty
FTF
Failure to file
FTP
Failure to pay
INT
Interest due
Enter an amount if the return is being filed after the original due date and the total balance due as shown on Form IL-1120-ST is not being paid with the return. Zero (
0
) is a valid entry. The application uses this field to complete Form IL-2220, Step 4, Penalty Worksheet 1. If this field is blank, it defaults to the tax due on Form IL-1120-ST.
Enter
X
 to suppress the late payment interest on the return. The application prints the IL Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The IL Late Filing Interest and Penalty Worksheet will also print if the Failure to file or Failure to pay field is blank and a failure to file / failure to pay penalty exists.
Enter
X
 to suppress the failure to file penalty on the return. The application prints the IL Late Filing Interest and Penalty Worksheet if this field is blank and a failure to file penalty is due. The IL Late Filing Interest and Penalty Worksheet will also print if the Late interest or Failure to pay field is blank and a failure to file / failure to pay penalty exists.
Enter
X
 to suppress the failure to pay penalty on the return. The application prints the IL Late Filing Interest and Penalty Worksheet if this field is blank and a failure to pay penalty is due. The IL Late Filing Interest and Penalty Worksheet will also print if the Late interest or Failure to file field is blank and a failure to file / failure to pay penalty exists.
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