N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 7-3.4

Current through Register Vol. 46, No. 45, November 2, 2024

Section 7-3.4 - Other installments of estimated tax

(Tax Law, section 213-b(b) and (h))

(a) In the case of a declaration of estimated tax for a 12-month taxable year, the other dates for filing the declaration and for installment payments are:

Dates for filing the declaration	Dates for installment payments
(1) On or before the 15th day of the sixth month:	The estimated tax must be paid in three equal installments (after deducting the amount of mandatory first installment paid, if any). One payment must be made at the time of filing the declaration, one on or before the 15th day of the ninth month and one on or before the 15th day of the twelfth month of the current taxable year.
(2) On or before the 15th day of the ninth month:	The estimated tax must be paid in two equal installments (after deducting the amount of mandatory first installment paid, if any). One payment must be made at the time of filing the declaration and one on or before the 15th day of the twelfth month of the current taxable year.
(3) On or before the 15th day of the twelfth month of the current taxable year:	The estimated tax must be paid in full at the time of filing the declaration (after deducting the amount of mandatory first installment paid, if any).

(b) If a declaration is filed after the time prescribed in section 213-a, or after the expiration of any extension of time, then the provisions of paragraphs (1)-(3) of subdivision (a) of this section do not apply, and the taxpayer must pay at the time of filing the declaration all installments of estimated tax that would have been payable at or before such time if the declaration had been filed at the time prescribed in section 213-a. The remaining installments must be paid at the time and in the amounts that they would have been payable if the declaration had been filed at the time prescribed in section 213-a

(c) Example.

Corporation X, a New York C corporation, was required to file a declaration of estimated tax on or before June 15, 2022, but filed its declaration for calendar year 2022 on November 18, 2022. At the time of filing its declaration, Corporation X had failed to pay two installments of its estimated tax for the 2022 taxable year (i.e., the installments due on June 15, 2022, and September 15, 2022). Upon filing the declaration on November 18, 2022, it must pay the two installments of estimated tax that it previously failed to pay.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 7-3.4

Adopted New York State Register December 27, 2023/Volume XLV, Issue 52, eff. 12/27/2023