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New York Underpayment of Estimated Tax by Individuals and Fiduciaries

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New York Underpayment of Estimated Tax by Individuals and Fiduciaries

Answer

 

Estimated tax penalty

 

Begin with these steps to determine if you may owe an estimated tax penalty.

 

1) Locate the amount of your 2017 New York AGI as shown on your 2017 return;

 

2) Locate the amount of your 2017 New York income tax; then

 

3) Calculate the amount of your 2018 prepayments (the amount of withholding and estimated tax payments you have already made or have been paid on your behalf by a partnership or S corporation for 2018).

 

In general, you are not subject to a penalty if your 2018 prepayments equal at least 100% of your 2017 income tax based on a 12-month return.

 

However:

 

• If your 2017 New York AGI was more than $150,000 (or $75,000 if you are married filing separately for 2018) and you are not a farmer or a fisherman, your prepayments must equal at least 110% of your 2017 income tax based on a 12-month return;

 

• You may owe a penalty if line 80 is $300 or more and represents more than 10% of the income tax shown on your 2018 return; and

 

• You may owe a penalty if you underpaid your estimated tax liability for any payment period.

 

For more information, see Form IT-2105.9, Underpayment of Estimated Tax by Individuals and Fiduciaries.

 

If you owe an estimated tax penalty, enter the penalty amount on line 81. Also add the same amount to any tax due and enter the total on line 80. It is possible for you to owe an estimated tax penalty and also be due a refund. In that case, subtract the estimated tax penalty amount from the overpayment and enter the net result on line 77. Do not include any other penalty or interest amounts on line 77. Be sure to submit Form IT-2105.9 with your return.

 


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Article Details
Views: 867 Created on: Jun 15, 2013
Date updated: Dec 14, 2018
Posted in: States, New York

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