Individuals, estates, and trusts carrying on an unincorporated business in New York City use Form NYC-5UBTI to estimate and pay unincorporated business tax. It must be filed if the estimated tax as calculated on the form can reasonably be expected to exceed $3,400.
The form consists of two parts:
- The lower part is a worksheet you can use to calculate the estimated business tax due. This worksheet isn't provided in TaxSlayer Pro, so you'll need a separate copy of the form to use it. It can be printed from the blank forms list in TaxSlayer Pro under the Print Menu, or from the NYC Department of Finance website here.
- The upper part is the payment voucher, and TaxSlayer Pro provides the ability to enter the estimated tax calculation and amount being paid on up to four quarterly payment vouchers. How many vouchers you prepare depends on when during the business's tax year you're working on the return. (Note that the date that prints on the voucher is the print date. There is no provision to print any other date on the form.)
Individual Return
To complete Form NYC-5UBTI in the New York individual tax return, from the New York Tax Return Menu select:
- Other NY Forms
- NYC-202 - Click either New to add the business or select the existing business in the menu, then click Edit to open it.
- Penalty, Interest & Apply Refund
- Declaration of Estimated Tax (NYC-5UBTI) - Answer YES to completing the form.
- Estimate of 20xx Tax - Enter the estimated UBT as calculated on line 6 of the worksheet.
- Amount Paid with Declaration - Enter the amount to be paid on one to four vouchers as needed, depending on when in the business's tax year the return is being prepared.
Estate and Trust Return
To complete Form NYC 5UBTI in the New York Fiduciary Income Tax Return, from the IT-205 main menu:
- Select NYC-5UBTI.
- Estimate of 20xx Tax - Enter the estimated UBT as calculated on line 6 of the worksheet.
- Amount Paid with Declaration - Enter the amount to be paid on one to four vouchers as needed, depending on when in the fiduciary's tax year the return is being prepared.
Additional Information: