New York Individual Petition is a form of bankruptcy relief available to individuals in the state of New York. When a debtor files a New York Individual Petition, the court will review their financial situation and determine whether they are eligible for debt relief. The process begins with the filing of a voluntary petition that states the petitioner's assets, liabilities, and income. Once the court has approved the petition, the debtor has the option of either reorganizing their debts or liquidating their assets to pay off their creditors. There are two types of New York Individual Petitions: Chapter 7 and Chapter 13. Chapter 7 is the liquidation of assets to pay off creditors, while Chapter 13 is a reorganization of debts over a period of time. Both types of petitions require the debtor to present their financial situation to the court, including proof of income and a list of assets and liabilities. The court will then make a decision on whether to grant the debtor relief.
New York Individual Petition
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If you owe New York income taxes by April 18, 2023, you need to submit a NY extension or tax return to avoid late filing penalties. An extension will only avoid late filing penalties until Oct. 16, 2023.
In general, individuals must have earned $56,000 or less and families with dependents must have earned $80,000 or less in 2022 to file in person at an NYC Free Tax Prep site. Learn more at nyc.gov/taxprep. If you live outside of NYC, visit the IRS website at irs.gov to find an IRS VITA/TCE site near you.
Form IT-201-V, Payment Voucher for Income Tax Returns, to make a payment by check or money order. Form IT-225, New York State Modifications, to report New York State addition or subtraction modifications to federal AGI other than those specifically listed on Form IT-201.
If you can't file on time, you can request an automatic extension of time to file the following forms: Form IT-201, Resident Income Tax Return. Form IT-203, Nonresident and Part-Year Resident Income Tax Return.
The states that allow electronic filing of extensions are: Alabama, Arizona, California, Colorado, Connecticut, District of Columbia, Louisiana, Maryland, Massachusetts, New Jersey, New York, and New York City (UBT), North Carolina, Pennsylvania, Tennessee, Texas, Vermont and Virginia.
Non-Resident Employees of the City of New York - Form 1127 Most New York City employees living outside of the five boroughs (hired on or after January 4, 1973) must file form NYC-1127. This form calculates the City waiver liability, which is the amount due as if the filer were a resident of NYC.
Extensions - The New York Tax Department does not accept federal Form 4868 in place of an NYS extension request using Form IT-370, Application for Automatic Extension of Time to File for Individuals. Form IT-370 must be filed on or before the filing deadline to receive a six month extension of time to file.
A taxpayer that has received an automatic six-month extension by filing Form NYC-6 may request up to two additional three- month extensions by filing Form NYC-6.1 (Application for Additional Extension). A separate Form NYC-6.1 must be filed for each additional three-month extension requested.