You may be required to make estimated tax payments if no taxes are withheld from certain taxable income during the year.
Examples of taxable income:
- self employment
- pension/annuity income
- prize winnings
- capital gains
- interest income
- dividend income
- lottery and horse racing proceeds
- rental income
- windfall income (any unanticipated income from which no taxes are withheld)
- gains from certain sales made by nonresident individuals and estates and trusts (refer to the forms below for more information)
- income derived from New York sources from partnerships or New York S corporations. See Form IT-2658, Report of Estimated Tax for Nonresident Individual Partners and Shareholders.
If you're making estimated tax payments, you can pay electronically through the Online Tax Center or use Form IT-2105, Estimated Income Tax Payment Voucher for Individuals.
You do not need to pay estimated tax if:
- You expect your tax withheld during 2009 to be at least:
- 90% of the income tax shown on your 2009 return
- 100% of the income tax shown on your 2008 return if your NYS AGI is $150,000 or less
- 100% of the income tax shown on your 2008 return if married filing separately and your NYS AGI is $75,000 or less
- 110% of the income tax shown on your 2008 return if your NYS AGI is more than $150,000
- 110% of the income tax shown on your 2008 return if married filing separately and your NYS AGI is more than $75,000
Note: special rules apply to farmers and fishermen see Pub 94, New York State Tax Information - Should You Be Paying Estimated Tax in 2009?
- You expect to owe less than $300 of New York State, $300 New York City, and $300 of Yonkers income tax after deducting tax withheld and credits that you are entitled to claim.
You should also note that estates (and certain grantor trusts) are exempt from paying estimated income tax for the tax year of the decedent's death and the following year.