topic How do we determine estimated tax payments to the state of NC if we will only be part-time residents in 2017? We will sell our home in NC on May 10 in Deductions & credits

How do we determine estimated tax payments to the state of NC if we will only be part-time residents in 2017? We will sell our home in NC on May 10

doschris — Wed, 05 Jun 2019 05:08:16 GMT

How do we determine North Carolina estimated tax payments of we will be part time residents in 2017?

It depends. Since you have an idea on home much income y...

DanielV01 — Wed, 05 Jun 2019 05:08:17 GMT

It depends. Since you have an idea on home much income you will earn in that period, you can calculate out the full amount of what you need for the year, and pay only the first two installments. This will cover you from having to worry about a penalty. It may even be a slight overpayment, but then you will receive a refund for the excess. Then you can make the two estimated payments to the new state if you continue your work there (and if they have a state tax).

Prior to seeing your answer to my question, I estimated m...

doschris — Wed, 05 Jun 2019 05:08:19 GMT

Prior to seeing your answer to my question, I estimated my 2017 NC tax liability and printed out four vouchers, each for 1/4 of the total. I wasn't sure if I could make any less than four payments. I guess I'll have to do something similar for New Mexico, the state to which we are moving. It has a state income tax as well. Any tips for that?

Thanks.

I read your answer after I calculated my anticipated 2017...

doschris — Wed, 05 Jun 2019 05:08:20 GMT

I read your answer after I calculated my anticipated 2017 NC tax liability and printed out four vouchers, each for 1/4 of my anticipated tax liability. I didn't think I could just make two payments. At least each check will be for a more affordable amount. I guess I'll have to do the same for NM, the state to which we are relocating. It has a state income tax as well. Any tips on how to handle that? Thanks for the reply.

That's fine also. I'm trying to help you not overpay, bu...

DanielV01 — Wed, 05 Jun 2019 05:08:21 GMT

That's fine also. I'm trying to help you not overpay, but worse is to underpay. New Mexico you may do something similar. If you haven't yet set the return, you could put in NM into TurboTax as if you are living there now to get an idea as to how much tax you would pay there, and then delete the state. Otherwise, here is the NM website: <a rel="nofollow" target="_blank" href="http://www.tax.newmexico.gov/">http://www.tax.newmexico.gov/</a> , where you should be able to look up their tax tables. I've been away for a couple of days, so I'm sorry I didn't get back sooner.