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New Member
posted Jun 1, 2019 5:33:39 AM

For my state tax return, I keep getting an underpayment penalty. I'm filing one 1099 between NY/overseas. Why might this be happening?

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1 Best answer
Level 1
Jun 1, 2019 5:33:40 AM

Our tax system is pay as you go. If you did not make enough of the estimated payments throughout the year, you can have an underpayment penalty. Taxpayers receiving income from 1099s are particularly vulnerable to these penalties. 

For more information about underpayment penalties in New York, follow this link: New York Underpayment Penalties

1 Replies
Level 1
Jun 1, 2019 5:33:40 AM

Our tax system is pay as you go. If you did not make enough of the estimated payments throughout the year, you can have an underpayment penalty. Taxpayers receiving income from 1099s are particularly vulnerable to these penalties. 

For more information about underpayment penalties in New York, follow this link: New York Underpayment Penalties