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. If you had $0 tax liability in one year, (note this is not the same as zero tax to pay) you do not have to make estimated tax payments the following year, regardless of your ultimate tax liability.Ira
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra