Illinois Automatic Extension Payment
Extracted from PDF file 2019-illinois-form-il-505-b.pdf, last modified December 2017
Automatic Extension PaymentUse your mouse or Tab key to move through the fields. Use your mouse or space bar to enable check boxes. Illinois Department of Revenue IL-505-B Automatic Extension Payment What is the purpose of Form IL-505-B? Form IL-505-B, Automatic Extension Payment, provides taxpayers who are unable to file their business income tax return by the due date a means of calculating and remitting their tentative tax liability on or before the original due date of the return (see “When should I file and pay?”). Who must file Form IL-505-B? You must file Form IL-505-B if all of the following apply to you: • you are required to file Form IL-1120, IL-1065, IL-1120-ST, IL-1041, or IL-990-T, and • you cannot file your annual tax return by the due date, and • you complete the Tax Payment Worksheet on the back of this page and determine that you will owe a tentative tax. If Line 10 of the worksheet shows you owe tentative tax, pay the full amount due either by filing and paying with this form or by making your payment electronically. An extension of time to file does not extend the amount of time you have to make your payment. Do not file Form IL-505-B if: • after completing the Tax Payment Worksheet, you find that you do not owe additional tax, or • you make your extension payment electronically. Unitary group: If you are a member of a unitary business group that is filing a combined return, your designated agent must complete one Form IL-505-B for the entire group as though it is one taxpayer. Federal consolidated group: If you are a member of a federal consolidated group, you must file a separate Form IL-505-B for each member that is required to file an Illinois tax return. We will not grant “blanket” or consolidated extensions. Please be aware that if an unpaid liability is disclosed when you file your return, you may owe penalty and interest charges in addition to the tax. See “What are the penalties and interest?” What are the extensions? Automatic Illinois extension — We grant an automatic extension of time to file your annual return of • six months for taxpayers whose returns are due on the fifteenth day of the fourth month following the close of their taxable year, and • seven months for all other taxpayers. The automatic extension of time to file is granted whether or not you request it. You are not required to file Form IL-505-B to obtain this extension if no tentative tax is due. Additional federal extension — We will grant you an additional extension to file if the Internal Revenue Service (IRS) grants you an additional extension. See the instructions of your return for more information. If you do not owe any tentative tax, you are not required to file Form IL-505-B. However, you must attach a copy of the approved federal extension to your annual return when you file it. When should I file and pay? You must file your completed Form IL-505-B and pay any tentative tax amount you owe by the original due date of your tax return or as soon as you realize you owe tentative tax. This includes annual and short-year returns. Refer to the following list of return due dates by tax type. All dates refer to the months following the close of the taxable year. Tax type Due date • corporations (with a tax year ending June 30), subchapter S corporations the 15th day of the 3rd month • corporations (with a tax year ending other than June 30), partnerships, fiduciaries, and exempt organizations (employee trusts only) the 15th day of the 4th month • exempt organizations (all others) the 15th day of the 5th month • cooperatives the 15th day of the 9th month If you file federal Form 1120, U.S. Corporation Income Tax Return, and the federal original due date is later than the Illinois original due date, your Form IL-1120 and your payment will be due at the same time as your federal Form 1120. Make your check or money order payable to “Illinois Department of Revenue.” Be sure to write your FEIN, tax year ending, and “IL-505-B” on your payment. Mail your Form IL-505-B, with your payment, to the address shown on your voucher. You may be required to make your payments electronically. For more information, see Informational Bulletin FY 2011-01. What are the penalties and interest? Penalties — You will owe • a late-filing penalty if you do not file a processable return by the extended due date; • a late-payment penalty if you do not pay the tax you owe by the original due date of the return; • a bad check penalty if your remittance is not honored by your financial institution. Interest is calculated on tax from the day after the original due date of your return through the date you pay the tax. We will bill you for penalties and interest. For more information about penalties and interest, see Publication 103, Penalties and Interest for Illinois Taxes. IL-505-B front (R-12/17) Illinois Department of Revenue ID: 110 IL-505-B (R-12/17) Automatic Extension Payment for 2017 Official use only Mail to: Illinois Department of Revenue, P.O. Box 19045, Springfield, IL 62794-9045 If no payment is due or you make your payment electronically, do not file this form. FEIN: Tax year ending Name: C/O: $ Mailing address: City: Phone: State: ( ) ZIP: Reset Month Year 00 Payment Amount (Whole dollars only) Write your FEIN, tax year ending, and “IL-505-B” on your check or money order and make it payable to “Illinois Department of Revenue.” Print *173790001* What if I need additional forms or assistance? If you need additional forms, visit our website at tax.illinois.gov. If you need additional assistance, • visit our website at tax.illinois.gov; • call 1 800 732‑8866 or 217 782-3336 (TDD, telecommunications device for the deaf, at 1 800 544-5304); 1 2 3 4 5 6 7 8 9 10 Tax Payment Worksheet (for your records) Enter the total income and replacement taxes you expect to owe (including recapture of investment credits, pass-through withholding payments you will owe on behalf of your members, and Compassionate Use of Medical Cannabis Pilot Program Act surcharge). 1 Enter your Illinois estimated income and replacement tax payments, prepayments you made on Form IL-516-I or IL-516-B, and any overpayment you elected to be credited to 2017. 2 Enter any withholding reported to you or pass-through withholding payments made on your behalf. 3 Enter the tax payment made with any previous Form IL-505-B. 4 If you are a resident fiduciary, enter any credit for income tax paid to other states. 5 If you are a corporation, exempt organization, or a fiduciary, enter the estimated income tax credits from Schedule 1299-D, Income Tax Credits. 6 Enter the estimated replacement tax investment credits from Form IL-477, Replacement Tax Investment Credit. 7 If you are a corporation, enter the total of any Foreign Insurer income and replacement tax reduction from Form IL-1120, Step 8, Lines 51 and 54. 8 Add lines 2 through 8. This is the total of your tax payments and credits. 9 Subtract Line 9 from Line 1. This is your tentative tax due. Enter the result here and on Form IL-505-B. Pay this amount with your Form IL-505-B. 10 Tax Payment Worksheet Instructions Line 1 — Enter the total amount of income and replacement taxes you expect to owe for the tax year, including any recapture of investment tax credit that you expect to report on Schedule 4255, Recapture of Investment Tax Credits, pass-through withholding payments you will owe on behalf of your members on your tax return (on your Schedule B or Schedule D), and any Compassionate Use of Medical Cannabis Pilot Program Act surcharge. Line 2 — Enter the total amount of estimated income and replacement tax paid with Form IL-1120-ES, the total amount of prepayments you made with Form IL-516-I and Form IL-516-B, and any overpayment you elected to be credited for this tax year. Line 3 — Enter the total amount of Illinois income tax withheld on Forms W-2 or W-2G, and the amount of pass-through withholding payments made on your behalf and reported to you on Illinois Schedule K-1-P, Partner’s or Shareholder’s Share of Income, Deductions, Credits, and Recapture, or K-1-T, Beneficiary’s Share of Income and Deductions. • write to us at P.O. Box 19044, Springfield, Illinois 62794-9044; or • visit a regional office. Our office hours are 8:00 a.m. to 5:00 p.m. (Springfield office) and 8:30 a.m. to 5:00 p.m. (all other regional offices), Monday through Friday. Line 4 — Enter the amount of Illinois income and replacement tax you paid with any previous Form IL-505-B for this tax year. Line 5 — Resident fiduciaries — enter the estimated Illinois credit for income tax paid to other states (the sum of Schedule CR, Step 5, Lines 59 and 60). See the instructions for Schedule CR (Form IL-1041), Credit for Tax Paid to Other States. Line 6 — Corporations, exempt organizations, or fiduciaries — enter the total of any estimated income tax credits (including any credit carryforward) from Schedule 1299-D. Line 7 — Enter the amount of any estimated replacement tax investment credits from Form IL-477. Line 8 — Corporations only — enter the total of any Foreign Insurer income and replacement tax reduction from Form IL-1120. Line 9 — Follow the instructions on the worksheet. Line 10 — If Line 10 is $1 or more, you must file Form IL-505-B and pay the amount due. If Line 10 is less than $1, you do not have to pay or file Form IL-505-B. Do not attach your federal Form 7004 to your Form IL-505-B. If no payment is due or you make your payment electronically, do not file Form IL-505-B. This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this information is REQUIRED. Failure to provide information could result in a penalty. IL-505-B back (R-12/17)
2017 IL-505-B, Automatic Extension Payment
More about the Illinois Form IL-505-B Individual Income Tax Extension TY 2019
The purpose of Form IL-505-I, Automatic Extension Payment, is to provide taxpayers who are unable to file their tax return by the due date a means of calculating and remitting their tentative tax liability (including any other taxes you will report on your Form IL-1040) on or before the original due date of the return.
We last updated the Automatic Extension Payment in March 2019, so this is the latest version of Form IL-505-B, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form IL-505-B directly from TaxFormFinder. You can print other Illinois tax forms here.
Related Illinois Individual Income Tax Forms:
|Form Code||Form Name|
|Form IL-505-I||Automatic Extension Payment for Individuals Filing Form IL-1040|
Illinois usually releases forms for the current tax year between January and April. We last updated Illinois Form IL-505-B from the Department of Revenue in March 2019.
Form IL-505-B is an Illinois Individual Income Tax form. The IRS and most states will grant an automatic 6-month extension of time to file income tax and other types of tax returns, which can be obtained by filing the proper extension request form. Obtaining an extension will prevent you from being subject to often very large failure-to-file penalties. However, in most cases this extension does not exempt you from the requirement to pay any tax owed in full by the return's original filing date.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Illinois Form IL-505-B
We have a total of nine past-year versions of Form IL-505-B in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2017 IL-505-B, Automatic Extension Payment
IL-505-I 2018 Automatic Extension Payment for Individuals
2017 IL-505-I, Automatic Extension Payment for Individuals Filing Form IL-1040
2015 IL-505-B, Automatic Extension Payment
2014 IL-505-B, Automatic Extension Payment
2013 IL-505-B, Automatic Extension Payment
IL- -505 B
While we do our best to keep our list of Illinois Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.