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Level 2
posted Feb 28, 2024 7:41:04 AM

my first RMD distribution from my 401k being a New York resident

REGARDING my first RMD distribution from my 401k being a New York resident

Question, in 2025, I will be receiving my first RMD distribution from my traditional 401k employment benefit being 73 years old. My employment Benefit Center advises my I can have my RMD - Federal tax from my 401k withheld by them and they will make payment to the IRS. However, they do not withhold New York State tax due on the distribution, they require I do that myself.  Question: I do not plan on requesting my first RMD payment until Oct/Nov of 2025.  Once my RMD payment is requested  it will take about five days to hit my checking bank account, can I at that time Oct/Nov just make a estimated tax payment to New York State Dept. of Finance (on their web) to satisfy the tax due? Will I be compliant doing it in that method? or am I required too make quarterly estimated tax payments?   If I do not take the RMD until Oct can I then make the estimated payment or am I required to make it earlier in the year? I think I can make a estimated payment on line in NY?  Where on the IT-201 form do I noted the estimated payment line 75? 'total estimated tax payments' ? 

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2 Replies
Level 2
Feb 28, 2024 8:50:14 AM

I have been using tubro tax over past ~ 10 yrs, my question is only confirm I do pre tax activity correctly! thanks

 

Expert Alumni
Feb 29, 2024 3:03:18 PM

It depends. The best approach is to make equal quarterly payments to avoid a possible estimated tax penalty for not making 4 equal payments. This is done in 2025, when you begin taking RMD distributions, so you won't be making estimated tax payments for prior years.

 

Yes, you can make NYS estimated tax payments online. you can do this here at Make a Payment. As far as recording the estimated tax payment, you can record this directly on Line 75 on Form IT-201 if you are using the desktop program of Turbo Tax and can access the Forms mode.

 

If you are using the online version, go to;

 

  1. federal>deductions and credits
  2. Estimates>then select State Estimated Taxes for 2025.
  3. Then it will ask for the amounts you paid for all 4 quarters.  If you only paid in one quarter, then just enter payment in the quarter you made the payment
  4. If done successfully,  the amount paid will appear on Line 75 of It-201.