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Prepare an extension payment

Use the
ILExt
 screen in the
Payments
 folder to generate the Form IL-505-I payment voucher. Illinois doesn't have an extension request form. Form IL-505-I is used solely to accompany a payment. The Illinois Department of Revenue asks that you don't submit Form IL-505-I unless there's an accompanying payment.

Details on Form IL-505-I and late penalty criteria

  • The Illinois Department of Revenue has a Fail to Pay penalty and a Fail to File penalty, each subject to making payments by a certain due date.
  • The Illinois Department of Revenue doesn't support electronic filing of Form IL-505-I via 3rd-party software such as UltraTax CS or Onvio.
  • The Illinois Department of Revenue gives a means for taxpayers to make payments online or via telephone.
  • To avoid Fail to Pay penalty, the taxpayer needs to pay 100 percent of the tax liability by the original due date, April 18, 2023. Filing federal Form 4868 or Form IL-505-I without payment has no effect on the calculation of the fail to pay penalty.
  • To avoid the Fail to File penalty, the taxpayer needs to pay 100 percent of the tax liability by the extended due date, October 16, 2023. Filing federal Form 4868 or Form IL-505-I by the original due date isn't necessary to waive the fail to file penalty.
  • Since Illinois doesn't have an extension request, the previously mentioned penalties depend only on the timing of payments. Use Illinois Form IL-505-I to make an extra payment by the April 18, 2023, due date to avoid penalties.

Enter extension data

Use the
ILExt
 screen to complete Form IL-505-I, Automatic Extension Payment.
Use 1 of the following methods to prepare the extension.
  • Have UltraTax CS calculate the extension payment amount based on the current data entered
    :
    1. Enter
      X
       in the
      Calculate Extension
       field on the ILExt screen.
    2. Select
      Setup
      ,
      1040 Individual
      , the
      Federal
       tab, then
      Extensions
       to select the method for calculating the extension payment amount.
      note
      When you use
      File
      ,
      Print Extensions
       to select multiple clients at once for electronic filing, UltraTax CS marks the
      Calculate Extension
       field if the
      Create an extension without total tax liability amounts
       checkbox isn't marked.
  • Force the extension payment amount with Form IL-505-I
    : Enter an amount in the
    Balance due on extension (Force)
     field on the ILExt screen.
  • If there's no balance due, or no calculated amount
    : Per the request of the Illinois Department of Revenue, UltraTax CS doesn't produce Form IL-505-I if there's no payment amount since the form is intended solely as a voucher that accompanies a payment. The Department doesn't accept or process Form IL-505-I unless there's an accompanying payment.

Print the extension

After you complete the data entry on the ILExt screen, select
File
, then
Print Extensions
 to print Form IL-505-I.

Prepare the return after filing an extension payment

Make sure you have the following information from the extension when you prepare the extended return.
  • Amount actually paid with extension
    : The amount paid with an extension is reported in the Payments and Refundable Credit section of Form IL-1040. Enter the amount on the ILExt screen in the
    Extension payment actually made; reportable on main return
     field. UltraTax CS populates this field when you create the extension if the application calculated the extension payment amount, or if you forced the extension payment amount. Change the data entry for this amount if the taxpayer paid some other amount.
    tip
    If you filed an extension via some means other than UltraTax CS, enter the actual amount paid with the extension in the
    Force
     field. This will automatically complete data entry in other fields, including fields for extended due date and the amount actually paid with the extension.
  • Date return filed
    : Enter the
    Date return filed
     on the ILPen screen. If the date exceeds the extended due date, UltraTax CS calculates a late penalty on the unpaid balance due.
  • Extension not required to be attached to return
    : The Illinois Department of Revenue doesn't need a copy of Form IL-505-I when filing Form IL-1040.

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