For tax year 2024, I am withdrawing large amounts for a roof, gutters, and other home maintenance projects. I am aware of the interest tax obligations but not sure of the federal and state AGI impact. My residence is NY state. Q1. What portion of MMA withdrawals is considered as income for federal taxes? Q2. Same question for NY state? Q3. If considered income for NY state, how do I estimate withholding? Q4. Can li get penalized (NY) for under payment of taxes if I don’t make an estimated payment? Total Income estimate 65 to 80K for 2024.
