How can I correct dates received in the underpayment Statement for NYS? TT spread out the withholding over the full year which results in an underpayment.

I receive income from three sources over the year. 2 provides a W-2. The third is a Fellowship grant that does not withhold taxes. I made an estimated payment for the income received from the fellowship. TT spread the amounts withheld over the year instead of 6 months resulting in an underpayment of NYS taxes. How can I fix this?

1401

Expert Alumni

Mar 14, 2024 9:13:36 AM

Follow these steps:

Open your NY return
Continue through the screens past income and credits
When asked about Underpayment Penalty,, select Continue
Answer the questions regarding 2022
Use Annualized Income Method? Select Yes
Enter the amount paid in total the first 3 months of the year in the first box
Enter the total paid in the first 5 months of the year in the second box
Continue entering totals for the year for the time period.
Select continue and do the same for any deductions or credits through the year.
Enter the date you will pay your balance
Continue

This example shows $5,000 paid in the first quarter and another $5,000 the second quarter with no payments the 3rd quarter.

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How can I correct dates received in the underpayment Statement for NYS? TT spread out the withholding over the full year which results in an underpayment.