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New York Estimated Tax Penalties for Partnerships and New York S Corporations
Extracted from PDF file 2023-new-york-form-it-2659.pdf, last modified December 2006Estimated Tax Penalties for Partnerships and New York S Corporations
Department of Taxation and Finance Estimated Tax Penalties for Partnerships and New York S Corporations IT-2659 (For underpayment or nonpayment of estimated tax including metropolitan commuter transportation mobility tax (MCTMT) required to be paid on behalf of partners and shareholders who are corporations or nonresident individuals) For calendar year 2023 or fiscal year beginning (See instructions, Form IT-2659-I, for assistance) Print or type Legal name and ending Employer identification number Trade name of business if different from legal name above Address (number and street or rural route) City, village, or post office State ZIP code Type of entity (mark an X in the applicable box) : Partnership S corporation Complete Schedules A through D on pages 2, 3, 4, and 5, as applicable, to compute your penalty. Staple check or money order here. Pay amount shown on page 5, line 52. Include only the line 52 amount in your check or money order, and make payable in U.S. funds to: Commissioner of Taxation and Finance Payment enclosed .00 File Form IT‑2659 by the later of April 15, 2024, or the due date of the partnership or S corporation tax return for the year (determined with regard to any extension of time to file). Do not attach or file Form IT‑2659 with any other form. ▼ Paid preparer must complete (see instr.) ▼ Date Preparer’s signature Sign your return here Preparer’s NYTPRIN Firm’s name (or yours, if self-employed) Preparer’s PTIN or SSN Address Employer identification number NYTPRIN excl. code Email: Mail this form and payment to: NYS TAX DEPARTMENT - IT-2659 069001230094 PO BOX 15179 ALBANY NY 12212-5179 Signature of general partner or member, elected officer, or authorized person Date Daytime phone number ( ) Email: Page 2 of 5 IT-2659 (2023) Schedule A – Computation of estimated tax underpayment (if any). All filers must complete this part. Only include partners and shareholders who are subject to estimated tax paid on their behalf by the partnership or New York S corporation (see instructions). Current year 1 Total of all nonresident individual partners’ or shareholders’ distributive or pro rata shares of 2023 income earned from New York sources... 1 .00 2 Total of all nonresident individual partners’ or shareholders’ shares of 2023 partnership deductions allocated to New York (see instructions) 2 .00 3 Subtract line 2 from line 1................................................................... 3 .00 4 Individual tax rate (10.9%) ................................................................. 4 .109 5 Multiply line 3 by line 4 . ..................................................................... 5 .00 6 Total of all nonresident individual partners’ or shareholders’ distributive or pro rata shares of 2023 partnership or S corporation credits........ 6 .00 7 2023 estimated tax required to be paid on behalf of nonresident individuals (subtract line 6 from line 5) ............ 8 Total of all corporate partners’ distributive shares of 2023 income earned from NY sources 8 .00 9 Corporation tax rate (7.25%) . ............................................................ 9 .0725 10 Multiply line 8 by line 9 . ..................................................................... 10 .00 11 Total of all corporate partners’ distributive shares of 2023 partnership credits 11 .00 12 2023 estimated tax required to be paid on behalf of corporations (subtract line 11 from line 10) .......................... 12a Total of all nonresident individual partners' distributive shares of 2023 net earnings from self-employment allocated to the MCTD in Zone 1. 12a .00 12b MCTMT Zone 1 rate (.47%) ............................................................... 12b .0047 12c 2023 estimated tax required to be paid on behalf of nonresident individual partners (multiply line 12a by line 12b). .... 12d Total of all nonresident individual partners' distributive shares of 2023 net earnings from self-employment allocated to the MCTD in Zone 2 ............................................................................. 12d .00 12e MCTMT Zone 2 rate (.34%) ............................................................... 12e .0034 12f 2023 estimated tax required to be paid on behalf of nonresident individual partners (multiply line 12d by line 12e) . 13 Total estimated tax required to be paid for 2023 (add lines 7, 12, 12c, and 12f) ................................................... 14 90% of the estimated tax required to be paid for 2023 (multiply line 13 by 90% (.90)) . ........................................ Prior year 15 Total of all nonresident individual partners’ or shareholders’ distributive or pro rata shares of 2022 income earned from New York sources... 15 .00 16 Total of all nonresident individual partners’ or shareholders’ shares of 2022 partnership deductions allocated to New York (see instructions). 16 .00 17 Subtract line 16 from line 15 .............................................................. 17 .00 18 Individual tax rate (10.9%) ................................................................. 18 0.109 19 Multiply line 17 by line 18 . ................................................................. 19 .00 20 Total of all nonresident individual partners’ or shareholders’ distributive or pro rata shares of 2022 partnership or S corporation credits . ....... 20 .00 21 2022 estimated tax computed for individuals (subtract line 20 from line 19) .......................................................... 22 Total of all corporate partners’ distributive shares of 2022 income earned from NY sources 22 .00 23 Corporation tax rate (7.25%) . ............................................................ 23 0.0725 24 Multiply line 22 by line 23 . ................................................................. 24 .00 25 Total of all corporate partners’ distributive shares of 2022 partnership credits 25 .00 26 2022 estimated tax computed for corporations (subtract line 25 from line 24) ....................................................... 26a Total of all nonresident individual partners' distributive shares of 2022 net earnings from self-employment allocated to the MCTD ............. 26a .00 26b MCTMT rate (.34%) ........................................................................... 26b .0034 26c 2022 estimated tax computed for individuals (multiply line 26a by line 26b) .......................................................... 27 Total estimated tax computed for 2022 (add lines 21, 26, and 26c; see instructions) ............................................... 28 Multiply line 27 by 110% (1.10) ........................................................................................................................ 069002230094 7 .00 12 .00 12c .00 12f 13 14 .00 .00 .00 21 .00 26 .00 26c 27 28 .00 .00 .00 (continued) IT-2659 (2023) Page 3 of 5 Schedule B – Short method for computing the penalty. Complete lines 29 through 34 if you paid four equal estimated tax installments (on the due dates), or if you made no payments of estimated tax. Otherwise, you must complete Schedule C. 29 If you were not required to make an entry on line 28, enter the lesser of lines 14 or 27. If you were required to make an entry on line 28, enter the lesser of lines 14 or 28 . .................................. 30 Enter the total amount of estimated tax payments made for 2023 .................................................................. 31 Total underpayment for the year (subtract line 30 from line 29; if zero or less you do not owe the penalty) .................. 32 Multiply line 31 by .06801 and enter the result ................................................................................................ 33 If the line 31 amount was paid on or after April 15, 2024, enter 0; if paid before April 15, 2024, compute as follows: line 31 × number of days before April 15, 2024 × .00028; enter here . ......................................... 34 Penalty (subtract line 33 from line 32; enter here and on line 51) .............................................................................. 29 30 31 32 .00 .00 .00 .00 33 34 .00 .00 Schedule C – Regular method Part 1 – Computing the underpayment Payment due dates 35 Required installments (see instructions). ............. 35 36 Estimated tax paid . .......................................... 36 Complete lines 37 through 39, one column at a time, starting in column A. A 4/15/23 B 6/15/23 C 9/15/23 D 1/15/24 .00 .00 .00 .00 .00 .00 .00 .00 37 Overpayment or underpayment from prior period..... 37 38 If line 37 is an overpayment, add lines 36 and 37; if line 37 is an underpayment, subtract line 37 from line 36 (see instructions) ...... 38 .00 .00 .00 .00 .00 .00 .00 39 Underpayment (subtract line 38 from line 35) or overpayment (subtract line 35 from line 38; see instructions) ..................................... 39 .00 .00 .00 .00 (continued) 069003230094 Page 4 of 5 IT-2659 (2023) Part 2 – Computing the penalty Payment due dates A 4/15/23 B 6/15/23 C 9/15/23 D 1/15/24 40 .00 41 42 Multiply line 40, column A, by line 41 . ........... 42 .00 40 Amount of underpayment (from line 39) .00 .00 .00 First installment penalty period (April 15 - June 15, 2023) 41 April 15 - June 15 = (61 ÷ 365) × 9.5% = .01587 - or - April 15 - = ( ÷ 365) × 9.5% = . Second installment penalty period (June 15 - September 15, 2023) 43 June 15 - September 15 = (92 ÷ 365) × 9.5% = .02394 - or - June 15 - = ( ÷ 365) × 9.5% = . 43 44 Multiply line 40, column B, by line 43 ................................................. 44 .00 Third installment penalty period (September 15, 2023 - January 15, 2024) 45 September 15 - September 30 October 1 - December 31 January 1 - January 15 = (15 ÷ 365) × 9.5% = .00389 = (92 ÷ 365) × 10.5% = .02646 = (15 ÷ 366) × 10.5% = .00429 .03464 Total - or - September 15 October 1 - January 1 - = ( = ( = ( ÷ 365) × 9.5% ÷ 365) × 10.5% ÷ 366) × 10.5% = . = . = . . Total 45 46 Multiply line 40, column C, by line 45 ....................................................................................... 46 .00 Fourth installment penalty period (January 15 - April 15, 2024) 47 January 15 - April 15 = (91 ÷ 366) × 10.5% = .02610 - or January 15 - = ( ÷ 366) × 10.5% = . 47 48 Multiply line 40, column D, by line 47 ............................................................................................................................. 48 49 Penalty (add lines 42, 44, 46, and 48) .................................................................................................................................. 49 (continued) 069004230094 .00 .00 IT-2659 (2023) Page 5 of 5 Schedule D – Failure to pay estimated tax on behalf of partners or shareholders who are corporations or nonresident individuals. Only include partners and shareholders who are subject to estimated tax paid on their behalf by the partnership or New York S corporation (see instructions). If you are listing more than six partners or shareholders, attach additional sheet(s) using the same six‑column format as in the chart below. Include all column F totals from additional sheets on the line provided. A Name of partner/shareholder B Identifying number (EIN/SSN) C D NYS MCTMT Number of Number of quarters (1-4) quarters (1-4) estimated estimated tax was tax was not paid not paid E Total of columns C and D (C + D) Column F total from attached sheet(s) (if any) ................................................................................................................... 50 Penalty (total of column F) .................................................................................................................................... 50 51 Penalty (from line 34) ........................................................................................................................................... 51 52 Total penalty (add lines 49, 50, and 51, as applicable; enter here and in Payment enclosed box on the front page) ......... 52 069005230094 F Column E × $50 .00 .00 .00
Form IT-2659 Estimated Tax Penalties for Partnerships and New York S Corporations Tax Year 2023
More about the New York Form IT-2659 Corporate Income Tax Estimated TY 2023
This form applies to Partnerships and S Corporates who pay Estimated Tax to New York State who have estimated tax penalties.
We last updated the Estimated Tax Penalties for Partnerships and New York S Corporations in February 2024, so this is the latest version of Form IT-2659, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form IT-2659 directly from TaxFormFinder. You can print other New York tax forms here.
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| Form Code | Form Name |
|---|---|
| Form IT-204-LL | Partnership, Limited Liability Company, and Limited Liability Partnership Filing Fee Payment Form |
| Form CT-3M/4M | General Business Corporation MTA Surcharge Return (Obsolete) |
| Form IT-205 | Fiduciary Income Tax Return |
| Form CT-6 | Election by a Federal S Corporation to be Treated As a New York S Corporation |
| Form IT-204 | Partnership Tax Return |
View all 272 New York Income Tax Forms
Form Sources:
New York usually releases forms for the current tax year between January and April. We last updated New York Form IT-2659 from the Department of Taxation and Finance in February 2024.
Form IT-2659 is a New York Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of New York Form IT-2659
We have a total of twelve past-year versions of Form IT-2659 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2023 Form IT-2659
Form IT-2659 Estimated Tax Penalties for Partnerships and New York S Corporations Tax Year 2023
2022 Form IT-2659
Form IT-2659 Estimated Tax Penalties for Partnerships and New York S Corporations Tax Year 2022
2021 Form IT-2659
Form IT-2659 Estimated Tax Penalties for Partnerships and New York S Corporations Tax Year 2021
2020 Form IT-2659
Form IT-2659Estimated Tax Penalties for Partnerships and New York S Corporations Tax Year 2020
2019 Form IT-2659
Form IT-2659:2019:Estimated Tax Penalties for Partnerships and New York S Corporations:it2659
2018 Form IT-2659
Form IT-2659:2018:Estimated Tax Penalties for Partnerships and New York S Corporations:it2659
2017 Form IT-2659
Form IT-2659:2017:Estimated Tax Penalties for Partnerships and New York S Corporations:IT2659
2016 Form IT-2659
Form IT-2659:2016:Estimated Tax Penalties for Partnerships and New York S Corporations:IT2659
2015 Form IT-2659
Form IT-2659:2015:Estimated Tax Penalties for Partnerships and New York S Corporations:IT2659
2014 Form IT-2659
Form IT-2659:2014:Estimated Tax Penalties for Partnerships and New York S Corporations:IT2659
2013 Form IT-2659
Form IT-2659:2013:Estimated Tax Penalties for Partnerships and New York S Corporations:IT2659
2012 Form IT-2659
Form IT-2659:2012:Estimated Tax Penalties for Partnerships and New York S Corporations:IT2659
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