Generally you must pay estimated income tax for the next tax year if you expect to owe, after subtracting your withholding, at least $300 of either New York State, New York City, or Yonkers tax for 2021. Since you owe $392 for 2020, TurboTax created the NYS estimates because the program uses the most recent information when determining if you need to pay estimated tax payments.
To avoid a penalty in 2021, you must pay New York State:
- 90% of the tax shown on your 2021 return or
- 100% of the tax shown on your 2020 return
Please see Form IT-2105 Instructions for more information.
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