New York Estimated Tax Penalties for Partnerships and New York S Corporations

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Estimated Tax Penalties for Partnerships and New York S Corporations
Form IT-2659 Estimated Tax Penalties for Partnerships and New York S Corporations Tax Year 2023Department 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

Extracted from PDF file 2023-new-york-form-it-2659.pdf, last modified December 2006

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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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Other New York Corporate Income Tax Forms:

TaxFormFinder has an additional 271 New York income tax forms that you may need, plus all federal income tax forms.

Form Code	Form Name
Form IT-204-LL	Partnership, Limited Liability Company, and Limited Liability Partnership Filing Fee Payment Form Voucher
Form CT-3M/4M	General Business Corporation MTA Surcharge Return (Obsolete)
Form IT-204	Partnership Tax Return Tax Return
Form IT-205	Fiduciary Income Tax Return Tax Return
Form IT-205-V	Instructions and Payment Voucher for Fiduciary Income Tax Returns Voucher

Download all NY tax forms 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.

Show Sources >

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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