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 ProWeb, so you'll need a separate copy of the form to use it. It can be printed from the NYC Department of Finance website here.
- The upper part is the payment voucher, and ProWeb 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.)
Before Form NYC-5UBTI can be completed, the New York tax return must have been started. After exiting the New York return and returning to the State Return menu, click the Localities link on the New York menu line. Then, from the New York Local Forms menu select;
- New York City 202 - Select the taxpayer's residency, whether Resident, Part-Year, or Nonresident.
- Total Payments
- Select Yes in the drop down menu under "If you want to Complete Form NYC-5UBTI ...", and enter the amount to be paid in one and up to four of the "Amount paid with this declaration" fields, as many vouchers as are needed depending on when in the business's tax year the return is being prepared.