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IT-201-I (2025) Page 23 of 41 Line 78: Amount of line 77 available for refund Subtract the amount on line 79 (estimated tax) from line 77. This is the amount available for refund. This is also the amount you will need to enter when you check the status of your refund. Line 78a: NYS 529 account deposit You may directly deposit all or a portion of your refund in up to three NYS 529 college savings accounts. Use Form IT-195, Allocation of Refund, and its instructions below in these instructions to report the amount of your refund that you want deposited into up to three NYS 529 college savings accounts. You cannot change your election to contribute all or a portion of your refund into any NYS 529 account after you file your return. Do not submit Form IT-195 with an amended return. Enter on line 78a the amount from Form IT-195, line 4. Line 78b: Total refund after NYS 529 account deposit You must file a return to request a refund. Enter the amount of your overpayment you want refunded to you. You can choose either direct deposit to have the funds deposited directly into your bank account, or a paper check mailed to you. Mark an X in one box to indicate your choice. If you choose to deposit all or a portion of your overpayment amount (line 77) into one or more NYS 529 accounts, see the instructions for line 78a and Form IT-195 and its instructions. Refund options Direct deposit Direct deposit is the fastest and easiest way to get your refund. If you choose direct deposit, enter your personal or business account information on line 83 for a fast and secure direct deposit of your refund (see line 83 instructions). Generally, the Tax Department will not notify you that your refund has been deposited. However, your refund status will update with the approximate date your refund is scheduled to be directly deposited. You can also request email notification with your direct deposit date. See Sign up for electronic communications on our website at www.tax.ny.gov to learn how (search: communications). Notes: • If the amount we deposit is different from the amount of refund you claimed, we will send you a written explanation of the adjustment within two weeks from the date your refund is deposited. • If we cannot make the direct deposit for any reason (for example, you did not enter complete and correct account information on line 83), we will send your refund as a paper check to the mailing address on your return. If your bank information is for an account outside the U.S., we cannot directly deposit your refund and will mail you a paper check. (see Accounts outside the U.S.) Paper checks The Tax Department will mail your refund check to the mailing address you enter on your return. We will issue paper checks for joint filers with both names and both spouses must sign the check to cash or deposit it. Reconsider direct deposit: • Paper checks take weeks to be processed, printed, and mailed. • If you do not have a bank account, you will likely be charged a fee to cash your check. Line 79: Estimated tax Enter the amount of overpayment from line 77 that you want applied to your New York State, New York City, Yonkers, and metropolitan commuter transportation mobility tax estimated tax for 2026. The total of lines 78a through 79 should equal the amount on line 77. Line 80: Amount you owe Enter on line 80 the amount of tax you owe plus any estimated tax penalty you owe (see line 81 instructions) and any other penalties and interest you owe (see line 82 instructions). If you choose to have your payment withdrawn directly from your bank account (paying by electronic funds withdrawal), complete the following: 1. Mark an X in the box. 2. Enter your account information on line 83. 3. Enter your electronic funds withdrawal information on line 84. To avoid other penalties and interest, pay any tax you owe by April 15, 2026. For additional information on penalties and interest, see Interest and penalties (search: penalties). Line 81: Penalty for underpaying your tax (estimated tax penalty) You may owe an estimated tax penalty if you did not have enough tax withheld from your wages or did not make enough estimated tax payments on other income you earned during the year. We call these prepayments. To determine if you may owe an estimated tax penalty, you will need the following information: • the amount of your 2024 New York adjusted gross income as shown on your 2024 return, • the amount of your 2024 New York income tax, and • the total amount of your 2025 prepayments (the amount of withholding and estimated tax payments you have already made or which were paid on your behalf by a partnership or S corporation for 2025). In general, you are not subject to a penalty if your 2025 prepayments equal at least 100% of your 2024 New York income tax based on a 12-month return. However, if your 2024 New York adjusted gross income was more than $150,000 (or $75,000 if you are married filing separately for 2025) and you are not a farmer or a fisherman, your 2025 prepayments must equal at least 110% of your 2024 New York income tax based on a 12-month return. You may owe a penalty: • if line 80 is $300 or more and represents more than 10% of the income tax shown on your 2025 return; or • if you underpaid your estimated tax liability for any payment period. For more information, see Form IT-2105.9, Underpayment of Estimated Tax by Individuals and Fiduciaries, and its instructions. If you owe an estimated tax penalty: 1. Enter the penalty amount on line 81. 2. Add the same amount to any tax due. 3. Enter the total on line 80.