You won't be penalized by New York state for simply owing taxes.
However, you may encounter penalties from New York state on the amount of estimated tax that you didn't pay or paid late during the year (either through estimated tax payments, withholding tax, or a combination of the two).
If the tax you report on your return is less than the correct tax by more than 10% or $2,000, whichever is greater, you may have to pay a penalty. The penalty charge is: 10% of the difference between the tax you reported and the tax you actually owe.
If you do get a tax withholding penalty, you can change your withholdings for next year (2024) with your employer.
Click here for more information on New York state tax penalties.
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