topic Do I need to pay quarterly estimates on my unemployment? in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705105#M606905 I am receiving untaxed unemployment Thu, 06 Aug 2020 19:04:45 GMT saints1752 2020-08-06T19:04:45Z Do I need to pay quarterly estimates on my unemployment? https://ttlc.intuit.com/community/taxes/discussion/do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705105#M606905 I am receiving untaxed unemployment Thu, 06 Aug 2020 19:04:45 GMT https://ttlc.intuit.com/community/taxes/discussion/do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705105#M606905 saints1752 2020-08-06T19:04:45Z Re: Do I need to pay quarterly estimates on my unemployment? https://ttlc.intuit.com/community/taxes/discussion/re-do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705117#M606906 <P>Maybe ...&nbsp;</P><P>&nbsp;</P><H1>What are estimated taxes?</H1><P><A href="https://ttlc.intuit.com/replies/3301588" target="_blank">https://ttlc.intuit.com/replies/3301588</A></P><H1>Do I need to make estimated tax payments to the IRS?</H1><P>PAYING ESTIMATES<BR />For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% for 2015&nbsp;&nbsp;SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.<BR /><BR />You must make quarterly estimated tax payments for the current tax year (or next year) if both of the following apply:<BR />- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.<SPAN>&nbsp;</SPAN><BR />&nbsp;<BR />- 2. You expect your withholding and credits to be less than the smaller of:<SPAN>&nbsp;</SPAN><BR />&nbsp;&nbsp;&nbsp;&nbsp;90% of the tax to be shown on your current year’s tax return, or<SPAN>&nbsp;</SPAN><BR />&nbsp;&nbsp;100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)</P><P><A href="https://ttlc.intuit.com/replies/3301891" target="_blank">https://ttlc.intuit.com/replies/3301891</A></P><H1>&nbsp;</H1><H1>How do I make estimated tax payments?</H1><P><A href="https://ttlc.intuit.com/replies/3301258" target="_blank">https://ttlc.intuit.com/replies/3301258</A></P><P>&nbsp;</P><H1>Can TurboTax calculate next year's federal estimated taxes?</H1><P><A href="https://ttlc.intuit.com/replies/4242911" target="_blank">https://ttlc.intuit.com/replies/4242911</A></P><P><STRONG>&nbsp;</STRONG></P><H1>Can TurboTax calculate the estimated payments for next year's state taxes?</H1><P><A href="https://ttlc.intuit.com/replies/3301735" target="_blank">https://ttlc.intuit.com/replies/3301735</A></P> Thu, 06 Aug 2020 19:07:32 GMT https://ttlc.intuit.com/community/taxes/discussion/re-do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705117#M606906 Critter-3 2020-08-06T19:07:32Z Re: Do I need to pay quarterly estimates on my unemployment? https://ttlc.intuit.com/community/taxes/discussion/re-do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705120#M606907 <P>Maybe.&nbsp; Some states let you have tax withheld from your unemployment compensation.&nbsp; Have you checked into that?&nbsp; The state's unemployment website might give you a way to have tax withheld.&nbsp; if it does not, then paying some estimated tax might be a good idea, so that you do not get hit with a big tax bill next year.&nbsp; Unemployment compensation is taxable income.&nbsp; If you cannot have it withheld from the state's checks then you can pay estimated federal tax on the IRS site:</P> <P>&nbsp;</P> <P class="p1"><SPAN class="s1"><A href="https://www.irs.gov/payments/direct-pay" target="_blank">https://www.irs.gov/payments/direct-pay</A></SPAN></P> <P class="p1">&nbsp;</P> <P class="p1"><SPAN class="s1">Keep good records for yourself if you do that so that you can enter the amount you paid onto next year's tax return.</SPAN></P> Thu, 06 Aug 2020 19:09:01 GMT https://ttlc.intuit.com/community/taxes/discussion/re-do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705120#M606907 xmasbaby0 2020-08-06T19:09:01Z
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topic Do I need to pay quarterly estimates on my unemployment? in Get your taxes done using TurboTax
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https://ttlc.intuit.com/community/taxes/discussion/do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705105#M606905
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Do I need to pay quarterly estimates on my unemployment?
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https://ttlc.intuit.com/community/taxes/discussion/do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705105#M606905
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Re: Do I need to pay quarterly estimates on my unemployment?
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https://ttlc.intuit.com/community/taxes/discussion/re-do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705117#M606906
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<P>Maybe ...&nbsp;</P><P>&nbsp;</P><H1>What are estimated taxes?</H1><P><A href="https://ttlc.intuit.com/replies/3301588" target="_blank">https://ttlc.intuit.com/replies/3301588</A></P><H1>Do I need to make estimated tax payments to the IRS?</H1><P>PAYING ESTIMATES<BR />For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% for 2015&nbsp;&nbsp;SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.<BR /><BR />You must make quarterly estimated tax payments for the current tax year (or next year) if both of the following apply:<BR />- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.<SPAN>&nbsp;</SPAN><BR />&nbsp;<BR />- 2. You expect your withholding and credits to be less than the smaller of:<SPAN>&nbsp;</SPAN><BR />&nbsp;&nbsp;&nbsp;&nbsp;90% of the tax to be shown on your current year’s tax return, or<SPAN>&nbsp;</SPAN><BR />&nbsp;&nbsp;100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)</P><P><A href="https://ttlc.intuit.com/replies/3301891" target="_blank">https://ttlc.intuit.com/replies/3301891</A></P><H1>&nbsp;</H1><H1>How do I make estimated tax payments?</H1><P><A href="https://ttlc.intuit.com/replies/3301258" target="_blank">https://ttlc.intuit.com/replies/3301258</A></P><P>&nbsp;</P><H1>Can TurboTax calculate next year's federal estimated taxes?</H1><P><A href="https://ttlc.intuit.com/replies/4242911" target="_blank">https://ttlc.intuit.com/replies/4242911</A></P><P><STRONG>&nbsp;</STRONG></P><H1>Can TurboTax calculate the estimated payments for next year's state taxes?</H1><P><A href="https://ttlc.intuit.com/replies/3301735" target="_blank">https://ttlc.intuit.com/replies/3301735</A></P>
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Re: Do I need to pay quarterly estimates on my unemployment?
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https://ttlc.intuit.com/community/taxes/discussion/re-do-i-need-to-pay-quarterly-estimates-on-my-unemployment/01/1705120#M606907
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<P>Maybe.&nbsp; Some states let you have tax withheld from your unemployment compensation.&nbsp; Have you checked into that?&nbsp; The state's unemployment website might give you a way to have tax withheld.&nbsp; if it does not, then paying some estimated tax might be a good idea, so that you do not get hit with a big tax bill next year.&nbsp; Unemployment compensation is taxable income.&nbsp; If you cannot have it withheld from the state's checks then you can pay estimated federal tax on the IRS site:</P> <P>&nbsp;</P> <P class="p1"><SPAN class="s1"><A href="https://www.irs.gov/payments/direct-pay" target="_blank">https://www.irs.gov/payments/direct-pay</A></SPAN></P> <P class="p1">&nbsp;</P> <P class="p1"><SPAN class="s1">Keep good records for yourself if you do that so that you can enter the amount you paid onto next year's tax return.</SPAN></P>
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