Certain rates within the New York State tax rate schedules have been updated for 2021. The estimated are calculated based on the tax rate schedules shown on Page 8 of the Form IT-2105 Instructions.
If you need to edit your IT-2105, you can do so in TurboTax. You can answer questions based on what you think your 2021 income will be and adjust estimates accordingly.
As you are going through your NYS return, you will get to the screen titled Additional Tax Situations. Click Start on Review Estimates Calculated.
Then, you can edit whichever estimated tax payment for 2021 that you would like.
My query relates to 2020 ny tax return. i believe turbotax calculates tax payable at line 39 incorrectly- eg say line 38 (taxable income) is $500k. turbotax is calculating line 39 (nys tax payable) as $500k x 6.85% instead of $19674 + ($500k - $323.2k) x 6.85%. This overstates the tax payable.
Yes, that is correct. NYS uses a different calculation for New York adjusted gross income greater than $107,650.
Sorry for the miscommunication. You mentioned IT-2105 in your question, which is the estimated tax forms for New York State.