scrabbler1 wrote:I remember replying to this thread before the website meltdown a few days ago.
I recall suggesting you check the NYS Estimated Tax instructions to see what the "safe harbor" rules are and how you make sure you are in a safe harbor. You may be able to avoid changing your withholding if you can get into a safe harbor throughestimated tax payments, something you will have much more control over.
damjam wrote:You can put the total amount of additional withholding in either line 3 or 4 (NYC). When you file your NY & NYC taxes it's all together on one form. All of your payments are totaled up and all of your tax liabilities for NY & NYC are totaled and a single amount owed is computed. So as long as you have paid enough to cover the total of both amounts it doesn't matter if you designated the payment as NY State or NYC or split between the two.
I think that doing it as additional withholding rather than estimated payments is better. AFAIK, if you do the additional payments as estimated payments there is the possibility that your timing could be off. When you make estimated payments they are supposed to match the timing of your income. If you get a bonus in April the estimated payment that covers April should be larger. When you pay by withholding you don't have to meet the timing requirement. Someone correct me if this is wrong.
icedtea wrote:If I'm interpreting your email correctly, this means that, assuming my tax liability to the state/city is similar in 2013, as long as I have a total of about $570 withheld from my paychecks, I'll be in the clear. Ie. I don't need to worry about the specific amount of tax withheld for the state or city, just the total amount I owed. Can you confirm?
14 Income taxes withheld (from Form IT-201, lines 72, 73, and 74; Form IT-203, lines 62, 63, and 64; or Form IT-205, lines 34, 35, and 36)
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