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I received a large bonus this year and federal taxes were withheld

but state taxes were not...
I received a large bonus this year and federal taxes were withheld but state taxes were not. I expect to have to pay state taxes. Should I pay it now or by end of year? Isn't the state taxes paid during the year a deduction on the federal form so shouldn't I send the state a tax payment this calendar year to accelerate realizing the state tax deduction on my federal filing?
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Answered in 8 minutes by:
12/2/2008
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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It is a good idea to pay estimated state taxes now rather than waiting until next year in order to avoid the possibility of being charged with an underwithholding penalty by the state for not paying the taxes timely. In addition, as you have mentioned it will increase your itemized deductions for this year. One consideration with paying the taxes this year is that itemized state taxes are included when determining whether the alternative minimum tax (AMT) applies so depending on your total income and deductions you may also want to look at the AMT issue.
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
Verified
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