Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Is New York State, not city if that's necessary, Estimated tax similar to the federal insofar as, quoting from Form 1040-ES instructions, "You do not have to pay estimated tax for current year if you had no tax liability for the previous year"?

I have the instructions for NYS form IT-2105, and seem to recall this mentioned in the general combined instructions from a couple year old booklet I have, but it may be different now.

Say you had very low income one year and zero tax to pay, but a fairly substantial SE the next, say owing over that threshold of $300 to NY, you would simply pay the tax, estimated penalty free, right?

Is there a helpful Web site generally to help one with the baffling labyrinth of 1040-ES, etc.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.