I need to dig in more but I don't trust the calculations at this point. Based on my reduction in refund, I'm paying ~28% in federal tax and ~14% in NYS tax on 1/3 of the distribution. The federal is off but NYS seems like it's double what it should be. There is no bracket around that percentage for NYS or Federal, so I gotta dig in more, but it seems high - especially NY's.
