You may owe tax on the income you received during the year. If you were working for someone else they should withhold money from your paycheck to help you pay the tax. If you are self employed you won’t have a paycheck, but you can make payments towards your income taxes by making estimated tax payments yourself.
What is estimated tax?
- Estimated tax is the method used to pay tax on income when no tax—or not enough tax—was withheld.
- You may be required to make estimated tax payments if: you receive income such as interest, dividends, alimony, capital gains, gambling and
- lottery winnings, prizes and awards, or income from a pension;
- you expect to owe income tax of $300 or more to New York State, New York City, or Yonkers; or
- you expect to owe income tax of $1000 or more to the IRS.
When are estimated tax payments due?
Generally, you must make your first estimated tax payment for the year by April 15. You can either pay all your estimated tax with this first payment, or pay it in four equal installments on April 15, June 15, September 15, and January 15.
How to estimate and pay your taxes
You should use Form IT-2105-I, Instructions for Form IT-2105, Estimated Tax Payment Voucher for Individuals, to calculate your estimated tax payments.
You can pay electronically, check balances, and view your estimated tax account by creating an Online Services account. To learn how, view the demo in the resources section of this module.
You can also pay using Form IT-2105, Estimated Tax Payment Voucher for Individuals. This payment voucher is required if you mail your payment.