New York State Department of Taxation and Finance Instructions for Form IT-2659 IT-2659-I Estimated -2025

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The document provides detailed instructions for Form IT-2659, which pertains to estimated tax penalties for partnerships and New York S corporations. It outlines who is required to pay estimated taxes, exceptions to these requirements, methods for calculating underpayment penalties, and specific filing instructions. The document also includes information on exemptions, overpayments, penalty rates, and where to file the form.

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What is NY IT 2659?

IT-2659 (2024) 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.

What is the form for NYS estimated tax payments?

You can pay your estimated tax electronically on our website with a debit from your checking or savings account. Visit us on the Web at .tax.ny.gov to pay your estimated tax electronically. For assistance, see Form IT-2105-I, Instructions for Form IT‑2105, Estimated Tax Payment Voucher for Individuals.

How to pay NY state taxes?

Payment Options If you received a bill or notice and need to pay, you have options: use your Online Services account to pay directly from your bank account for free or by credit card for a fee. Dont have an Online Services account? Pay directly from your bank account for free using Quick Pay.

Why would I get a check from New York State Department of Taxation and Finance?

We may communicate with you by mail for many reasons, including: to send you a check for your refund or an additional payment; to let you know we adjusted your refund; to request information that supports what you reported on a return; and.

How to avoid NYS estimated tax penalty?

New York State Estimated Taxes To avoid a penalty for the underpayment of taxes to NYS, your payments must be made on time and the total amount of your New York State payment must be at least 90% of the amount of tax shown on your current income tax return or 100% of your last years tax return.

Does New York state require estimated tax payments?

You do not need to pay estimated tax if: You expect to owe less than $300 of New York State, $300 of New York City, and $300 of Yonkers income tax after deducting tax withheld and credits that you are entitled to claim. You expect your tax withheld during 2025 to be at least: 90% of the tax shown on your 2025 return.

Is it mandatory to pay estimated taxes?

Who must pay estimated tax. Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.

New York State Department of Taxation and Finance Instructions for Form IT-2659 IT-2659-I Estimated -2025

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