Form It-2659 - Estimated Tax Penalties For Partnerships And New York S Corporations - 2005 Page 2

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Page 2 of 4 IT-2659 (2005)
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 2005 income earned from New York sources ...
1.
2 Total of all nonresident individual partners’ or shareholders’ shares of
2.
2005 partnership deductions allocated to New York
(see instructions)
3 Subtract line 2 from line 1....................................................................
3.
4 Individual tax rate (7.7%).....................................................................
4.
.077
5 Multiply line 3 by line 4 ........................................................................
5.
6 Total of all nonresident individual partners’ or shareholders’ distributive
or pro rata shares of 2005 partnership or S corporation credits ........
6.
7 2005 estimated tax required to be paid on behalf of nonresident individuals
.............
7.
(subtract line 6 from line 5)
8 Total of all corporate partners’ distributive shares of 2005 income earned from NY sources
8.
9 Corporation tax rate (7.5%) .................................................................
9.
.075
10 Multiply line 8 by line 9 ........................................................................ 10.
11 Total of all corporate partners’ distributive shares of 2005 partnership credits 11.
12 2005 estimated tax required to be paid on behalf of corporations
.......................... 12.
(subtract line 11 from line 10)
13 Total estimated tax required to be paid for 2005
.................................................................. 13.
(add lines 7 and 12)
14 90% of the estimated tax required to be paid for 2005
........................................... 14.
(multiply line 13 by 90% (.90))
Prior year
15 Total of all nonresident individual partners’ or shareholders’ distributive
or pro rata shares of 2004 income earned from New York sources ... 15.
16 Total of all nonresident individual partners’ or shareholders’ shares of
2004 partnership deductions allocated to New York
16.
(see instructions)
17 Subtract line 16 from line 15................................................................ 17.
18 Individual tax rate (7.7%)..................................................................... 18.
.077
19 Multiply line 17 by line 18 .................................................................... 19.
20 Total of all nonresident individual partners’ or shareholders’ distributive
or pro rata shares of 2004 partnership or S corporation credits ........ 20.
21 2004 estimated tax computed for individuals
.......................................................... 21.
(subtract line 20 from line 19)
22 Total of all corporate partners’ distributive shares of 2004 income earned from NY sources 22.
23 Corporation tax rate (7.5%) ................................................................. 23.
.075
24 Multiply line 22 by line 23 .................................................................... 24.
25 Total of all corporate partners’ distributive shares of 2004 partnership credits 25.
26 2004 estimated tax computed for corporations
....................................................... 26.
(subtract line 25 from line 24)
27 Total estimated tax computed for 2004
............................................................................... 27.
(add lines 21 and 26)
If the sum of lines 17 and 22 is more than $150,000, and the entity is not primarily
engaged in farming or fishing, complete line 28 and continue with Schedule B. If the
sum of lines 17 and 22 is $150,000 or less, skip line 28 and continue with Schedule B.
28 Multiply line 27 by 110% (1.10) ......................................................................................................................... 28.
Schedule B — Short method for figuring 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 ..................................... 29.
30 Enter the total amount of estimated tax payments made for 2005 .................................................................... 30.
31 Total underpayment for the year
................... 31.
(subtract line 30 from line 29; if zero or less you do not owe the penalty)
32 Multiply line 31 by .05119 and enter the result .................................................................................................. 32.
33 If the amount on line 31 was paid on or after April 15, 2006, enter 0. If the amount on line 31 was paid
before April 15, 2006, make the following computation to find the amount to enter on this line:
Amount on line 31 x number of days before April 15, 2006 x .00021 =............................................................. 33.
34 Penalty
............................................................................... 34.
(subtract line 33 from line 32; enter here and on line 51)
(continued)
Please file this original scannable
form with the Tax Department.
0692050094

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