In April 2024, I moved from New York city to Florida. During my 4 months in New York, I earned income from an LLC (I am issued a K-1 from my employer), quit that job, and didn't work in Florida. Initially, my past employer held back NYS and NYC PTET for the income I earned in those 4 months, but with my change in residency to Florida they refunded a big chunk of this back. My read is they apportioned my NY based income through the whole year, rather than treating those 4 months of income as 100% NY. Since, I thought all that NY income would be subject to NYS and NYC taxes, I am worried they didn't withhold enough taxes via PTET. My tax adviser tells me we won't know until the K1s are issued (which won't be until sept-25), to see the percentage allocable to NY, and I worry if my past employer got the withholding wrong I could incur a penalty for 2024. I am also new to all this K1 stuff, so don't totally understand the explanation my own tax adviser has given me.
Am I wrong to be concerned?
