Inherited Annuity Income
My father recently passed leaving a annuity to my brothers and me. I made a mistake of taking a full withdrawal without consulting a professional a month ago. It was had federal taxes withheld, but not state. Is it cheaper to send in state tax now or wait until I file my return? Is there any time period where I could take this money and invest it and not have to claim it as income?
I am in NY I prob shuld have rolled it into something else
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Is it cheaper to send in state tax now or wait until I file my return?
Unless not paying now will trigger some sort of state tax penalty (which will depend on your situation and what state you live in), there's no practical difference between paying now and paying when you file. The only thing you lose by paying now will be the possible return you could earn by investing it, which is probably minimal.
I would be more concerned about the penalties than any opportunity costs.
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