![2016 tax extension due date federal 2016 tax extension due date federal](https://cdnictsd.ictsd.org/when-can-you-file-your-2016-taxes-canada-.jpg)
![2016 tax extension due date federal 2016 tax extension due date federal](https://www.pdffiller.com/preview/351/967/351967389.png)
Therefore, it had $3.95 million available to apply to TY 2016 BCT liability, comprised of the following: $4.7 million – $3.75 million = $0.95 millionĪfter making the 25% MFI payment of $0.75 million for the 2016 tax year, the taxpayer made three (3) installment payments of $750,000 each.
![2016 tax extension due date federal 2016 tax extension due date federal](https://data.formsbank.com/pdf_docs_html/281/2810/281079/page_1_thumb_big.png)
Overpayment on 2015 return credited to the next period
2016 TAX EXTENSION DUE DATE FEDERAL PLUS
Sum of 2015 estimated payments (2015 MFI due shown on 2014 return plus payments 2, 3, and 4) When the taxpayer filed its TY 2015 return, it showed: 2015 tax plus 2016 MFI It also remitted a total of $4.7 million for TY 2015 estimated BCT payments during the year. It computed a TY 2016 MFI due of $0.75 million (25% of $3 million). Any BCT overpayment computed on your TY 2016 tax return or extension request would be eligible for application towards your tax year 2017 second, third, and fourth BCT installments.Ĭorporation A filed a TY 2015 BCT return and computed a $3 million tax due. If you have any uncertainty about the available amount of BCT overpayment that could be applied on Form NYC-300, line 3, you should satisfy the MFI for TY 2017 with a payment of new funds and disregard line 3. In such instances, you may incur penalties and interest. Form NYC-300 MFI funds or credits could be redirected or reduced to satisfy your TY 2016 BCT liability if the TY 2016 BCT overpayment you are claiming is reduced. Thus, the application of funds may differ if the final tax computed for TY 2016 does not produce the amount of BCT overpayment you applied toward your TY 2017 MFI payment.
![2016 tax extension due date federal 2016 tax extension due date federal](https://blogs-images.forbes.com/kellyphillipserb/files/2017/03/due-1.png)
Note: The Tax Department applies all BCT payments to satisfy the earliest tax liability first. You must then take into account the amount you report on Form NYC-300, line 3, to determine the amount of BCT overpayment you report on the return or extension request you file one month later.