Il 505 B Form – Fill Out and Use This PDF

What is the purpose of Form IL-505-B?

Form IL-505-B, Automatic Extension Payment, provides taxpayers who are unable to file their 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 a corporation, small business corporation, partnership, fiduciary, or an exempt organization and you cannot file your Form IL-1120, Form IL-1120-ST, Form IL-1065, Form IL-1023-C, Form IL-1041, or Form IL-990-T 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, and

•you submit your payment by paper check or money order (i.e., you do not use any electronic means, such as electronic funds transfer, to make your payments).

If Line 9 of the worksheet shows you owe tentative tax, you must file this form and pay the full amount due. An extension of time to file does not extend the amount of time you have to make your payment.

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.

Form IL-1023-C filers: If you are filing Form IL-505-B for an extension to file your Form IL-1023-C, you must write “666” in the “Sequence no.” on this form.

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 by Electronic Funds Transfer.

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 you an automatic six-month (seven-month for corporations) extension to file your annual return whether or not you request the automatic extension. You are not

IL-505-B front (R-12/09)

required to file Form IL-505-B to obtain this extension if no tentative tax is due.

Additional federal extension beyond six months — We will grant you an additional extension to file of more than six months (seven months for corporations) if the Internal Revenue Service (IRS) grants you an additional extension.

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 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. The due date depends on the type of tax return that you file. Refer to the following list of return due dates.

All dates refer to the months following the close of the taxable year.

For	Due date
• corporations, subchapter
S corporations	the 15th day of the 3rd month

•partnerships, fiduciaries, composites, 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 original due date is later than the 15th day of the 3rd month, 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, and “IL-505-B” on your payment. Mail your Form IL-505-B, with your payment, to

ILLINOIS DEPARTMENT OF REVENUE

PO BOX 19045

SPRINGFIELD IL 62794-9045

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.

If no payment is due or you make your payment by Electronic Funds Transfer, do not file this form.

Tax year ending

____ ___/___ ___ ___ ___

Month Year

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.

What if I need additional forms or assistance?

If you need additional forms,

•visit our web site at tax.illinois.gov;

•call our 24-hour Forms Order Line at 1 800 356-6302; or

•write to us at P.O. Box 19010, Springfield, Illinois 62794-9010.

If you need additional assistance,

•visit our web site at tax.illinois.gov;

•call our Taxpayer Assistance Division, at 1 800 732-8866, or

217782-3336;

•call our TDD (telecommunications device for the deaf) at

1800 544-5304; or

•write to us at P.O. Box 19044, Springfield, Illinois 62794-9044. Our office hours are 8:00 a.m. to 5:00 p.m., Monday through Friday.

Tax Payment Worksheet Instructions

Line 1 — Write the total amount of income and replacement taxes you expect to owe for the tax year. You must include any recapture of investment tax credit that you expect to report on Schedule 4255, Recapture of Investment Tax Credits.

Line 2 — Write the total amount of your Illinois estimated payments and your 2008 overpayment credited to 2009 tax.

Corporations must include the total amount of estimated income and replacement tax paid with Form IL-1120-ES, Estimated Income and Replacement Tax Payments for Corporations, for the tax year.

Line 3 — Write the total amount of Illinois income tax withheld on Form W-2 and the amount of pass-through entity payments made on your behalf from 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.

Line 4 — Write the amount of Illinois income and replacement tax you paid with any previous Form IL-505-B for this tax year.

IL-505-B back (R-12/09)

Line 5 — If you are a resident fiduciary, write the estimated Illinois credit for income tax paid to other states. Refer to instructions for Form IL-1041, Schedule CR, Credit for Tax Paid to Other States. Line 6 — If you are a corporation or a fiduciary, write the total of any estimated income tax credits (including any credit carryforward) from Schedule 1299-D, Income Tax Credits.

Line 7 — Write the amount of any estimated replacement tax invest- ment credits from Form IL-477, Replacement Tax Investment Credits.

Line 8 — Follow the instructions on the worksheet.

Line 9 — Subtract Line 8 from Line 1, and write the result here and on Form IL-505-B. This is your tentative tax due. If it is $1 or more, you must file Form IL-505-B and pay the amount due. If the tax due is less than $1, you do not have to pay or file Form IL-505-B.

If no payment is due or you make your payment by Electronic Funds Transfer, do not file Form IL-505-B.