CT-222.1: Election to Use Different Annualization Periods for Corporate Estimated Tax (2024)
New York · NY DTF · Used for tax years 2024
New York Form CT-222.1 lets a corporation elect one of two alternative annualization periods for calculating estimated tax under the annualized income installment method. It identifies the applicable returns, tax period, and selected option.
Who files this form
A corporation using the annualized income installment method to calculate estimated tax files Form CT-222.1 if it wants to elect option 1 or option 2.
If you use the standard option, do not file this form. File a new election each year, even if you choose the same option.
What you'll need
Have the following information ready to complete the form:
- The corporation’s EIN, legal name, any DBA or trade name, mailing address, and telephone number.
- The types of tax returns covered by the election.
- The beginning and ending dates of the tax period.
- Your choice of annualization option 1 or option 2.
- The authorized signer’s name, title, email address, telephone number, signature, and date.
- If an outside individual or firm prepared the election, the applicable paid preparer details and identification numbers.
How to file
- Enter the corporation’s identifying and mailing information.
- On line 1, mark every applicable return type. You may cover more than one return on a single form, but you must file separate forms if the election due dates differ.
- On line 2, select option 1 or option 2 and enter the tax period’s beginning and ending dates.
- Have an authorized officer certify and sign the election. If an outside preparer completed it, complete all applicable paid preparer entries.
- Mail the completed form to:
NYS ESTIMATED CORPORATION TAX
PO BOX 15200
ALBANY NY 12212-5200
Mail only Form CT-222.1 to this address. The instructions state that Form CT-400 is to be e-filed. For private delivery services, see Publication 55, Designated Private Delivery Services.
Common mistakes
- Filing when using the standard option. The form says not to file CT-222.1 if you use that option.
- Assuming last year’s election carries over. You must file annually, even when choosing the same option.
- Combining elections with different due dates. File separate forms when the election due dates for the returns differ.
- Leaving out the tax period. All filers must enter the beginning and ending dates.
- Forgetting the signature. Failure to sign will delay processing of any refunds and may result in penalties.
- Leaving paid preparer entries incomplete. If an outside individual or firm prepared the election, all applicable entries, including identification numbers, must be completed.
- Expecting to revoke the election. Once made, the election cannot be revoked for that tax year.
Questions people ask
What periods does option 1 use?
Option 1 uses the first 4 months for the second installment, the first 7 months for the third installment, and the first 10 months for the fourth installment.
What periods does option 2 use?
Option 2 uses the first 5 months for the second installment, the first 8 months for the third installment, and the first 11 months for the fourth installment.
Can one election cover multiple return types?
Yes. You may use one form for more than one return type, such as CT-3 and CT-3-M. If the election due dates differ, you must file separate forms.
Does the election apply to future tax years?
No. It applies only to the tax year for which it is made. You must file annually to elect option 1 or option 2.
Who can sign the election?
A corporation’s president, vice president, treasurer, assistant treasurer, chief accounting officer, or another authorized officer must certify it. For an association, publicly traded partnership, or business conducted by trustees, a person authorized to act for that entity must sign.