Form It-2659 - Estimated Tax Penalties For Partnerships And New York S Corporations - 2014 Page 3

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IT-2659 (2014) Page 3 of 4

Schedule C – Regular method

Part 1 – Computing the underpayment

Payment due dates

4/15/14

6/15/14

9/15/14

1/15/15

35 Required installments

..............

(see instructions)

36 Estimated tax paid ...........................................

Complete lines 37 through 39, one column

at a time, starting in column A.

37 Overpayment or underpayment from prior period ....

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)

39 Underpayment

(subtract line 38 from line 35)

or overpayment

(subtract line 35 from

....................................

line 38; see instructions)

Part 2 – Computing the penalty

Payment due dates

4/15/14

6/15/14

9/15/14

1/15/15

40 Amount of underpayment

(from line 39)

First installment (April 15 - June 15, 2014)

41 April 15 ‑ June 15

365

7.5%

.01253

(

)

- or -

April 15 ‑

365

7.5%

(

)

42 Multiply line 40, column A, by line 41 ............

Second installment (June 15 - September 15, 2014)

43 June 15 ‑ September 15

365

7.5%

.01890

(

)

- or -

June 15 ‑

365

7.5%

(

)

44 Multiply line 40, column B, by line 43 .................................................

Third installment (September 15, 2014 - January 15, 2015)

45 September 15 ‑ January 15

365

7.5%

.02506

(

)

122

- or -

September 15 ‑

365

7.5%

(

)

46 Multiply line 40, column C, by line 45 ......................................................................................

Fourth installment (January 15 - April 15, 2015)

47 January 15 ‑ April 15

365

7.5%

.01848

(

)

- or -

January 15 ‑

365

7.5%

(

)

48 Multiply line 40, column D, by line 47 ............................................................................................................................

49 Penalty

.................................................................................................................................

(add lines 42, 44, 46, and 48)

(continued)

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