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jayyrayy
September 9, 2021
Question

Estimated tax payments for 2021 Q1 unemployment

  • September 9, 2021
  • 1 reply
  • 0 views

I received $40,000 in unemployment from January - March of 2021

Do I need to make estimated tax payments?

When and how should I do this?

Please help me to get started, or point in the right direction.

Thank you. 

    1 reply

    Michele_H
    Michele_H
    September 9, 2021

    Hi @jayyrayy   I am including a link to a TurboTax calculator that will help you calculate or get an idea of what you would need to make as an estimated payment.  Hopefully this will help you get started 🙂

     

    https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

    IRS link for the Tax estimator

    https://www.irs.gov/individuals/tax-withholding-estimator

     

     

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    J
    jayyrayyAuthor
    September 9, 2021

    Thanks for the info @Michele_H  I want to avoid a penalty. Do I need to make a payment now?

    Michele_H
    Michele_H
    September 9, 2021

    If you do need to make an estimated payment for the remainder of 2020.  Those would be due by Sept 15 and January 15 of 2022.  

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
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