![]() ![]() ![]() For Do you want to set up New York estimated tax payments for 2023?, select Yes.If you have a refund, select Yes or No for Apply Overpayment to New Year? Applying part or all of this year’s refund will lower the amount you need to pay.Select Start next to Estimates, Apply a Refund, Amend, Extend.While in the New York return, continue through TurboTax until you see the screen Additional Tax Situations.The drawback to this is that the amount you pay may not match up with the amount you are liable to pay. This allows you to pay what you have calculated to be the amount in estimates you should pay based on your current tax situation. The fifth option is to pay a fixed amount that you determine on your own. However, if your income changes drastically from one year to the next, you may end up paying more than you need to or not paying enough in estimated taxes. ![]() 66 2/3% of the tax on your 2023 estimated taxable income (applicable to farmers and fishermen only)Įach of the four options above will help you avoid any underpayment penalty.90% of the tax on your 2023 estimated taxable income.100% of the tax on your 2023 estimated taxable income.100% of the tax based on your 2022 income.Four of these options are based on a percentage of tax from both the prior year and the current year. You can allow TurboTax to calculate what you should pay to avoid an underpayment penalty, or you can pay a fixed amount that you determine will be necessary to avoid a penalty. New York State requires taxpayers to make estimated payments if $300 or more in New York State, New York City, and/or Yonkers tax is expected to be owed after deducting credits and the total tax withheld. ![]()
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