I normally pay taxes through withholding, but I accidentally chose not to withhole from Unemployment for the past 4 months. Will I owe taxes on that?

voodoo427 — Tue, 14 Jul 2020 17:42:52 GMT

Re: I normally pay taxes through withholding, but I accidentally chose not to withhole from Unemployment for the past 4 months. Will I owe taxes on that?

fanfare — Tue, 14 Jul 2020 17:54:11 GMT

Seems likely.

You will know shortly since the tax return is due tomorrow

Re: I normally pay taxes through withholding, but I accidentally chose not to withhole from Unemployment for the past 4 months. Will I owe taxes on that?

Wannabe — Tue, 14 Jul 2020 18:20:41 GMT

Since you mentioned the period as last 4 months, you are most likely getting the federal disaster unemployment benefit of $600 per week above any state benefits. This could put you in the taxable income range for the year. Some states are only withholding the federal taxes on the state benefit portion and beneficiaries may still have to pay estimated taxes to cover the federal unemployment amount. So, you have a couple of options:

- If you state requires certification at regular intervals, you can request to withhold 10% Federal tax for future weeks

- For the remaining taxable income including unemployment compensation, you could make estimated tax payments:

Federal: https://www.irs.gov/payments/direct-pay

State: Depends on your state

topic I normally pay taxes through withholding, but I accidentally chose not to withhole from Unemployment for the past 4 months. Will I owe taxes on that? in Get your taxes done using TurboTax

I normally pay taxes through withholding, but I accidentally chose not to withhole from Unemployment for the past 4 months. Will I owe taxes on that?

Re: I normally pay taxes through withholding, but I accidentally chose not to withhole from Unemployment for the past 4 months. Will I owe taxes on that?

Re: I normally pay taxes through withholding, but I accidentally chose not to withhole from Unemployment for the past 4 months. Will I owe taxes on that?