How to File Form IT-370: NY Tax Extension Instructions
Properly request a New York state tax filing extension. This guide clarifies the purpose of Form IT-370 and the necessary payment considerations.
New York State’s Form IT-370 allows individuals who cannot complete their personal income tax returns by the annual April 15th deadline to request an automatic six-month extension. This moves the filing deadline to October 15th for most calendar-year filers. The form is not a request for more time to pay any taxes owed; it solely provides more time to gather necessary documents and complete the state income tax return itself.
Determining if You Need to File Form IT-370
Deciding whether to file Form IT-370 hinges on your ability to file on time and whether you anticipate owing taxes. If you cannot meet the tax filing deadline and you calculate that you will have a tax liability for the year, you must file for an extension. The extension only applies to the filing of your return, not the payment of taxes due. Any tax owed must be paid by the original due date to avoid penalties and interest charges.
Failure to pay the estimated tax you owe by the deadline can result in penalties. Interest is also charged on any underpayment from the original due date of the return until the date the tax is paid in full.
Conversely, there are situations where filing Form IT-370 may not be necessary. If you have calculated your tax liability and are due a refund from the state, or if your tax liability is zero, you are not required to file an extension. The state does not penalize taxpayers for filing late when no tax is owed.
Information and Calculations Needed for Form IT-370
Before completing Form IT-370, you must gather specific financial information to properly estimate your tax liability. You will need your personal details, including your full name, address, and Social Security number, and your spouse’s information if filing a joint extension. The form and its instructions can be found on the New York State Department of Taxation and Finance website.
The form involves a series of calculations to estimate the tax you owe. You must first estimate your total income tax liability for the year, including any applicable New York State, New York City, or Yonkers income taxes. You will need to use the tax rate schedules from the main income tax return instructions (Forms IT-201 or IT-203) to approximate this amount.
Next, you must calculate any tax credits you are eligible to claim. From that subtotal, you will deduct all tax payments you have already made throughout the year. This includes New York State, New York City, and Yonkers income tax withheld from your wages and any quarterly estimated tax payments. The final result is the balance of tax due, which is the amount you must pay with your extension request. The form also requires you to estimate any sales and use tax you owe for the year.
How to Submit Your Extension Request
Once you have completed Form IT-370 and calculated the total tax due, you have two primary methods for submission. The traditional method is to file by mail. You must mail the completed and signed Form IT-370 to the address specified in the form’s instructions. If you owe a balance, you must include a check or money order for the full amount, made payable to the “NYS Department of Taxation and Finance.”
A more direct method is to file your extension electronically through the New York State Tax Department’s online services portal. Making an electronic payment for your estimated tax liability by the original filing deadline automatically grants you a six-month extension to file your return. In this scenario, you do not need to mail the paper Form IT-370.
After submitting your request, you should retain a copy of the form and proof of payment for your records. If you paid online, you will receive a confirmation number that serves as proof of your extension request.