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Level 3
posted Apr 14, 2022 10:27:25 PM

Do I need to pay New York State estimated taxes in 2022

In 2020 I sold mutual funds and had a tax due to NYS.  Turbotax for 2020 said I needed to pay estimated tax for 2021 which I did.  Upon finishing my 2021 NYS taxes I also had a tax due to NYS since I sold additional mutual funds.  Turbotax says for 2022 I need to pay estimated taxes.

 

I work and enough withholding for NYS is being taken out.  For 2022 I will not be selling anymore mutual funds and my withholding will cover my NYS tax.  Do I need to pay the estimated tax in 2022?

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1 Replies
Expert Alumni
Apr 15, 2022 4:04:29 AM

No. You do not need to pay New York estimated tax unless you expect to owe $300 or more in state income tax.

 

If you decide to sell mutual funds later in 2022, you can always make an estimated payment in the same quarter as your sale or you can adjust your withholding to have more state tax taken out.

 

Who must make estimated tax payments?