New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter A - New York State Personal Income Tax Under Article 22 Of The Tax Law › Article 5 - Withholding of New York State Personal Income Tax › Part 171 - Requirement Of Withholding New York State Personal Income Tax From Wages › Section 171.10 - Extension of withholding of New York State personal income tax to annuity payments if requested by payee

Current through Register Vol. 46, No. 28, July 10, 2024
Tax Law, § 671(b)(2)(C)
(a)
Determining New York State personal
					 income tax to be withheld.
In addition to the wages subject to withholding of New
						York State personal income tax under this Part, any payment of an annuity made
						by a payer maintaining an office or transacting business in New York State to
						an individual, to the extent includible in such individual's New York adjusted
						gross income, must be treated as if it were a payment of wages by an employer
						to an employee for a payroll period if, at the time the payment is made, a
						request that such annuity be subject to withholding of New York State personal
						income tax under this Part is in effect.
(b) To qualify for withholding of New York
					 State personal income tax under this Part, the annuity payment must be income
					 to the recipient that would be includible in such recipient's New York adjusted
					 gross income. Such annuity payment must also be payable over a period of longer
					 than one year. All requirements contained in Article 5 of this Subchapter with
					 respect to filing New York State employer returns, furnishing information and
					 payment of New York State personal income tax withheld, apply equally to the
					 withholding of New York State personal income tax on annuity payments under
					 this section, except that wherever form IT-2102 is referred to,
Statement for Recipients of Annuities, Pensions, Retired Pay, or IRA
					 Payments
(form IT-2102P) is to be substituted therefor, and wherever
					 form IT-2104 is referred to,
Annuitant's Request for Income Tax
					 Withholding
(form IT-2104P) is to be substituted therefor.
(c)
Manner of making request.
A request to deduct and withhold New York State personal
						income tax on annuity payments should be made by the payee by completing form
						IT-2104P,
Annuitant's Request for Income Tax Withholding,
in
						accordance with instructions applicable thereto. In lieu of form IT-2104P,
						payers may prepare and use a form, the provisions of which are identical to
						form IT-2104P. The request to deduct and withhold New York State personal
						income tax is to be made in a specific dollar amount which must be at least $5
						per month and may not reduce the net amount of any annuity payment received by
						the payee below $10.
(d)
When request takes effect.
Upon receipt of a request under this section to withhold
						New York State personal income tax on annuity payments, the payer of such
						annuity payments must deduct and withhold the amount specified in such request
						(see subdivision [c] of this section for restrictions relating to the amount of
						New York State personal income tax which may be deducted and withheld from
						annuity payments) from such annuity payments commencing with the first annuity
						payment made on or after the date which occurs:
(1) in a case in which no previous request is
					 in effect, three calendar months after the date on which such request is
					 furnished to such payer; or
(2) in
					 a case in which a previous request is in effect, the first status determination
					 date (January 1st, May 1st, July 1st and October 1st of each year) which occurs
					 at least 30 days after the date on which such request is so furnished. However,
					 the payer may elect to begin to deduct and withhold such specified amount with
					 respect to an annuity payment from an earlier payment.