Download New York It 2659 Template in PDF

The New York IT-2659 form is an important document for partnerships and S corporations regarding estimated tax penalties. There are several other forms that share similarities with the IT-2659. Here are four of them:

• Form IT-201: This is the New York State Resident Income Tax Return. Like the IT-2659, it is used to report income and calculate tax obligations. However, IT-201 is for individual taxpayers, whereas IT-2659 focuses on partnerships and S corporations.
• Form IT-203: This is the Nonresident and Part-Year Resident Income Tax Return. Similar to IT-2659, it addresses tax obligations but is specifically designed for individuals who do not reside in New York full-time. Both forms involve calculations related to income earned in New York.
• Form IT-370: This is the Application for Automatic Six-Month Extension of Time to File for Individuals. Both IT-370 and IT-2659 deal with tax payments and deadlines. While IT-370 provides an extension for filing, IT-2659 addresses penalties for underpayment of estimated taxes.
• Form CT-3: This is the General Business Corporation Franchise Tax Return. Similar to IT-2659, it is used by corporations to report income and calculate taxes owed. Both forms require detailed information about income and deductions, but CT-3 is specifically for corporations rather than partnerships or S corporations.

Understanding these forms can help ensure compliance with tax obligations and avoid penalties. Each document serves a specific purpose, yet they share the common goal of accurately reporting income and managing tax responsibilities.

Guide to Filling Out New York It 2659

Completing the New York IT-2659 form requires careful attention to detail. This form is used for calculating estimated tax penalties for partnerships and New York S corporations. The following steps outline the process to fill out the form accurately.

1. Obtain the Form: Download the IT-2659 form from the New York State Department of Taxation and Finance website or request a physical copy.
2. Fill in Basic Information: At the top of the form, provide the legal name, trade name (if different), address, city, state, ZIP code, and employer identification number (EIN).
3. Select Entity Type: Mark an "X" in the box next to either "Partnership" or "S corporation" to indicate the type of entity.
4. Complete Schedules A through D: Follow the instructions on pages 2, 3, and 4 to compute the estimated tax penalties. Ensure to include only partners and shareholders subject to estimated tax.
5. Calculate Penalties: Use the information gathered in Schedules A, B, C, and D to compute the total penalties owed. Add the amounts as instructed.
6. Prepare Payment: Staple your check or money order to the form. The payment should be made out to the "Commissioner of Taxation and Finance" and include only the amount shown on page 4, line 52.
7. Sign the Form: Ensure that the form is signed by a general partner, member, elected officer, or an authorized person. Include the date and daytime phone number.
8. Mail the Form: Send the completed form along with the payment to the address provided: NYS TAX DEPARTMENT - IT-2659, PO BOX 397, ALBANY NY 12201-0397.

Once you have completed these steps, ensure that all information is accurate before mailing the form. Keeping a copy for your records is advisable. Timely submission is crucial to avoid further penalties or issues with your tax obligations.