Who must pay the underpayment penalty:
You may be charged a penalty if you did not pay enough estimated tax
by any of the due dates or if you did not have enough New York State,
city of New York or Yonkers income tax withheld. This is true even if you
are due a refund when you file your tax return. The penalty is figured
separately for each due date. Therefore, you may owe the penalty for an
earlier payment due date, even if you paid enough tax later to make up
the underpayment.
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