Question

Making estimated tax payments when moving states

Forum|Forum|2 years ago
January 9, 2024
1 reply
0 views

I moved from NY to CT in April and need to make estimated tax payments for 2023. Do I take the amount and pro-rate it for NY and CT? So 25% to NY and 75% to CT?

DawnC

Employee

Do you mean you need to pay estimated taxes for 2024? Or do you need to enter the estimated taxes you already paid in 2023? If you paid all the estimates in 2023 to the state of NY, you will enter the full amount on the NY state return you are preparing now. If you paid any tax to CT in 2023, that amount would go on your CT return you are preparing now.

TurboTax will figure your state estimated taxes for 2024 when you prepare your 2023 tax return (the one you are preparing now in 2024). After you have entered all of your 2023 tax data, you will be able to generate the estimated tax amounts and vouchers (if needed) for the IRS and each state.

If you moved from NY to CT during 2023, you will need to file one federal return to the IRS and 2 part-year returns (one for NY and one for CT). Then next year when you file, you will only file the one CT return. TurboTax handles part-year returns, but you need to make sure you've set up your personal information correctly for us to do so. We'll ask about where you lived in 2023 when you set up your personal information. How to file Part-Year State returns

I moved to a new state; what do I do with my state taxes?

How do I allocate income between the 2 states I lived in during the year?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

A

aE77_2Author

This is estimated taxes for 2023, due January 15th 2024, for investment performance in Q4 of 2023.

AmyC

Employee

You would need to make an estimate to each state based on their tax structure and your income. Both CT and NY have a graduated tax rate meaning the more you earn in that state, the higher the tax rate. You will want to make estimated payments based on your anticipated tax rate based on the income earned in each state.

For CT, please see part year and estimated payments here. Since you moved from NY before the 4th quarter, you may not have an estimated payment for investment performance as an individual. In case you need it, for NY, click here.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"