If you need more time to file your New York State tax return, you can request an extension by submitting Form IT-370, the New York State Application for Automatic Extension of Time to File for Individuals. Filing this form gives you an additional six months to file your tax return, moving the deadline from April 15 to October 15. However, it’s important to note that while an extension gives you more time to file, any taxes owed are still due by the original April 15 deadline.
Why Request an Extension?
An extension can be helpful if you are unable to complete your tax return by the regular deadline. This may be due to various reasons, such as needing more time to gather financial documents, waiting for forms like your W-2 or 1099, or simply being unable to complete your return on time. Filing an extension ensures you avoid penalties for late filing while giving you the extra time you need to accurately prepare your taxes.
However, keep in mind that an extension to file is not an extension to pay.
How to File Form IT-370
Filing Form IT-370 is straightforward. You can submit it online through the New York State Department of Taxation and Finance website or mail it to the appropriate address. Here’s a simple overview of the steps:
- Complete the Form: Provide your personal information, such as your name, Social Security number, and address. Indicate that you are requesting an extension and the tax year for which the extension applies.
- Estimate Your Tax Liability: You will need to estimate how much you owe in taxes. This can be done using your previous year’s tax return or by calculating your income and deductions for the current year.
- Submit the Form: Once completed, submit the form online or by mail. If you are submitting the form online, you will receive immediate confirmation that your extension has been accepted.
- Pay Any Taxes Owed: While the extension allows you more time to file, any taxes owed must be paid by the April 15 deadline to avoid penalties and interest. If you’re unsure how much to pay, you can use the payment options provided by New York State’s online portal.
What Happens After Filing Form IT-370?
Once you file Form IT-370, your new deadline to file your tax return will be extended to October 15. You’ll still need to submit your completed tax return by that date. If you have overpaid taxes, you can request a refund when filing your return. If you owe additional taxes, be sure to pay them by the extended deadline to avoid late fees.
