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Financial Planning / Tax Strategies
|Subject: NY State estimated tax help||Date: 4/4/2011 8:49 PM|
|Author: ElleRB||Number: 112970 of 124951|
I am a young, novice investor who just moved to NYC. As I am new to being a self-employed 1099 worker and filing quarterly taxes, I would greatly appreciate help with the estimated tax payment I need to submit by April 18! Background: I get paid $50,000/year with obviously nothing withheld.
I'm running into two stumbling blocks that I can't seem to answer via Google search:
NY STATE (Form IT-2105-I)
1. Line 1, "amount of NY adjusted gross income." How do I calculate this? If I will solely be working in NY in 2011, is this amount simply my AGI that I estimated ($45,900)?
2. Line 25, "110% of personal income tax shown on 2010 income tax return," and Line 26, "the lesser of lines 24/25," which is the required annual payment. For me, if I calculated correctly, Line 25 is far, far less; so why did I have to fill out this entire form w/ all the calculations instead of just calculating 110% of my 2010 income tax? Perhaps I am using the wrong number; is the personal income tax "total NY State tax" (line 50) and "Total NYC tax" (line 55) of the state return (IT-203)?
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