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| Who must make estimated tax payments? |
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) | |
| • | Form IT-2663, Nonresident Real Property Estimated Income Tax Payment Form | |
| • | Form IT-2664, Nonresident Cooperative Unit Estimated Income Tax Payment Form. | |
| • | 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-MN, Estimated Income Tax Payment Voucher for Individuals.
You do not need to pay estimated tax if:
| • | You expect your tax withheld during 2008 to be at least: | |
| • | 90% of the income tax shown on your 2008 return | |
| • | 100% of the income tax shown on your 2007 return if your NYS AGI is $150,000 or less | |
| • | 100% of the income tax shown on your 2007 return if married filing separately and your NYS AGI is $75,000 or less | |
| • | 110% of the income tax shown on your 2007 return if your NYS AGI is more than $150,000 | |
| • | 110% of the income tax shown on your 2007 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 2008? | ||
| • | 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.
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Last Modified: January 4, 2008
