Yes. That way is perfectly acceptable. You must file NYS extension request using Form IT-370, Application for Automatic Extension of Time to File for Individuals because NY does not accept the federal extension. You may not need to file a federal extension unless you are itemizing deductions and the state tax withholding would help.
The idea is that you will not be penalized for underpayment and when you amend your return you will obtain the appropriate refund. You may even get interest.
- If your refund is:
- not issued within 45 days of the due date or from the date you filed (whichever is later), interest will be paid from that date.
- issued within 45 days of the due date or from the date you filed (whichever is later), you will not receive interest.
You can file using TurboTax using e-file or online by clicking here.
@LilpilJhon
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