Form It-2659 - Estimated Tax Penalties For Partnerships And New York S Corporations - 2005 Page 3

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IT-2659 (2005) Page 3 of 4
Schedule C — Regular method
Part 1 — Figuring the underpayment
Payment due dates
A
4/15/05
B
6/15/05
C
9/15/05
D
1/15/06
35 Required installments
..............
35.
(see instructions)
36 Estimated tax paid ...........................................
36.
Complete lines 37 through 39, one column
at a time, starting in column A.
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
.....
38.
(see instructions)
39 Underpayment
(subtract line 38 from line 35)
or overpayment
(subtract line 35 from
....................................
line 38; see instructions)
39.
Part 2 — Figuring the penalty
Payment due dates
A
B
C
D
4/15/05
6/15/05
9/15/05
1/15/06
40 Amount of underpayment
40.
(from line 39)
First installment (April 15 - June 15, 2005)
41 April 15 - June 15 = 61 × 7% = .01169
365
or
or
April 15 -
=
× 7% = .
365
41.
42 Multiply line 40, column A, by line 41............. 42.
Second installment (June 15 - September 15, 2005)
43 June 15 - September 15 = 92 × 7% = .01764
365
or
or
× 7% = .
June 15 -
=
365
43.
44 Multiply line 40, column B, by line 43................................................... 44.
Third installment (September 15, 2005 - January 15, 2006)
15 × 7% = .00287
45 September 15 - September 30 =
365
107 × 8% = .02344
October 1 - January 15
=
365
.02631 Total
or
or
× 7% = .
September 15 -
=
365
× 8% = .
October 1 -
=
45.
365
.
Total
46 Multiply line 40, column C, by line 45........................................................................................
46.
Fourth installment (January 15 - April 15, 2006)
90 × 8% = .01972
47 January 15 - April 15
=
365
or
or
× 8% = .
January 15 -
=
365
47.
48 Multiply line 40, column D, by line 47.............................................................................................................................. 48.
49 Penalty
.......................................................................................................................................
49.
(add lines 42, 44, 46, 48)
(continued)
Please file this original scannable
form with the Tax Department.
0693050094

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