IT-2659: Estimated Tax Penalties for Partnerships and New York S Corporations (2024)
New York · NY DTF · Used for tax years 2024
New York Form IT-2659 computes estimated tax penalties for partnerships and New York S corporations. It reports underpayments or nonpayments of estimated tax required on behalf of corporate partners and nonresident individual partners or shareholders, including metropolitan commu
Who files this form
Form IT-2659 is for partnerships and New York S corporations to compute penalties for underpayment or nonpayment of estimated tax required to be paid on behalf of corporate or nonresident individual partners and shareholders. It includes metropolitan commuter transportation mobility tax (MCTMT).
Only include partners and shareholders who are subject to estimated tax paid on their behalf by the partnership or New York S corporation. The form refers to the instructions for more details about who is included.
When it's due
For tax year 2024, file Form IT-2659 by the later of:
- April 15, 2025, or
- The due date of the partnership or S corporation tax return for the year, including any extension of time to file.
For computing the 2024 penalty, Schedule C prints these estimated tax payment due dates:
- April 15, 2024
- June 15, 2024
- September 15, 2024
- January 15, 2025
What you'll need
Have the information needed to complete the form:
- The business's legal name, employer identification number (EIN), address, and entity type.
- Applicable partners' and shareholders' shares of 2024 and 2023 New York-source income, deductions, and credits for Schedule A.
- Applicable nonresident individual partners' shares of net earnings from self-employment allocated to MCTD Zone 1 and Zone 2 for those years.
- Amounts and payment dates of estimated tax payments for 2024.
- For Schedule D, partners' or shareholders' names, EINs or Social Security numbers, and the number of quarters estimated tax was not paid for New York State and MCTMT.
If Schedule D lists more than six partners or shareholders, attach additional sheets using the same six-column format.
How to file
- Print or type the requested information and mark the applicable entity type.
- Complete Schedule A, which is required for all filers. Complete Schedules B through D as applicable to compute the penalty.
- Enter the total penalty from line 52 in the Payment enclosed box on the front page.
- Have a general partner or member, elected officer, or authorized person sign the form.
- Pay only the line 52 amount by check or money order in U.S. funds, payable to Commissioner of Taxation and Finance. Staple the payment where indicated.
Mail the form and payment to:
NYS TAX DEPARTMENT - IT-2659
PO BOX 15179
ALBANY NY 12212-5179
Do not attach or file Form IT-2659 with any other form.
Common mistakes
- Filing IT-2659 with another form. The form specifically says to file it separately.
- Including other amounts in the payment. The check or money order must include only the line 52 amount.
- Skipping Schedule A. All filers must complete it.
- Including partners or shareholders who do not belong in the calculation. Schedules A and D say to include only those subject to estimated tax paid on their behalf.
- Using Schedule B when it does not apply. Use it only if you paid four equal estimated tax installments on the due dates or made no estimated tax payments. Otherwise, complete Schedule C.
- Leaving out additional Schedule D totals. Include all column F totals from additional sheets on the line provided.
Questions people ask
Can I use the short method to compute the penalty?
Yes, if you paid four equal estimated tax installments on the due dates or made no estimated tax payments. Complete Schedule B, lines 29 through 34. Otherwise, complete Schedule C.
How does Schedule D calculate its penalty?
For each listed partner or shareholder, add the number of quarters New York State estimated tax was not paid to the number of quarters MCTMT estimated tax was not paid. Multiply that total by $50. Line 50 totals the Schedule D penalty amounts.
What if I need to list more than six partners or shareholders?
Attach additional sheets using Schedule D's six-column format. Include their column F totals on the line provided.
What amount do I pay with this form?
Pay the total penalty on line 52. It combines lines 49, 50, and 51, as applicable. Enter that amount in the Payment enclosed box and include only that amount in your check or money order.