I received a one time partial distribution from my pre tax 457 plan at the end of December 2023 (I'm retired). The standard 20% federal tax was withheld, but no state or city tax was withheld (I'm in NYC). Can I wait until I file my 2023 return to pay what I owe to NY state or do I have to immediately make an estimated payment? Thanks

M

Mike262

Question

State tax not withheld from 457 distribution

Forum|Forum|2 years ago
December 28, 2023
1 reply
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I received a one time partial distribution from my pre tax 457 plan at the end of December 2023 (I'm retired). The standard 20% federal tax was withheld, but no state or city tax was withheld (I'm in NYC). Can I wait until I file my 2023 return to pay what I owe to NY state or do I have to immediately make an estimated payment? Thanks

B

Bsch4477

Employee

If a large amount is involved you could make an estimated payment.

M

Mike262Author

But do I HAVE to make an estimated payment? Or will I be charged a penalty if I wait until I file my 2023 return? I would prefer to wait until I file my 2023 return so I know exactly how much I owe, and also because I've never had to pay estimated taxes before, I'm not sure how to go about doing that.