turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Estimated NY taxes

I am so confused about what I am to do or what not to do concerning NY State estimated taxes.  This is my record concerning NYS taxes:

Tax year: 2020 - $0 Tax Liability, $0 Refund

                 2021- $646 Tax Liability.  Although TurboTax provided quarterly vouchers to send to NYS, I paid no estimated taxes in 2022/2023.  Should I have?

                 2022 - $309 Tax Liability with a $12 Penalty/Interest.  TurboTax again provided quarterly vouchers for filing NYS estimated taxes.

 

My question is - What is required of me?  Am I expected to come up with and send NYS $309 before I file my NYS taxes for the tax-year 2023?  Is this requirement a part of the $12 Penalty/Interest that I included with my permission to withdraw $12 out my checking account in addition to my $309 tax liability to complete my 2022 tax-year obligation? 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
JosephS1
Expert Alumni

Estimated NY taxes

The tax liability for any individual year must be paid by the due date of the return to avoid any late payment penalties.  Underpayment penalties, which is what it appears you were assessed, is for not having a specified amount paid in by the end of the year, based on equal payments being made during the year.  If you receive a W-2, the withholding is assumed to be paid equally over the time of employment.  

 

You show your 2022 tax liability as $309 plus an underpayment penalty of $12.  Whether you choose to pay the liability with a credit card, direct debit from your bank, or submit a check (recommended), the amount of $321 needs to be paid by April 18, 2023. 

 

Should you choose to submit a check, when you finalize your return and the program asks how you wish to pay the tax, place a mark in the pay by check box and then when you print the return a voucher for payment will print with it.  You can download and print just the voucher if you wish but it is always a good thing to have a pdf AND a paper copy of your return for future use, if needed.

 

Below is a link to the NYS Department of Taxation and Finance.  The rules for underpayment penalties by individuals are at the bottom of the page.

 

Underpayment penalties by individuals

 

@DonB10 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies