Because of the new w-4 form I’m not getting taxes taking out. Will I have to pay them back when I fill for this year?

posted

Maybe, maybe not ... use this tool to see ... it is still on 2019 but will give you an idea :

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

Did you give your employer a new W4 now to start taking it out if needed?

If you didn't have any federal withholding taken out you may end up owing on your tax return. And may have a penalty. You can send in an Estimated payment now.

Here are the blank Estimates and instructions…..

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

The 1040ES quarterly estimates are due April 15, 2020, June 15, Sept 15 and Jan 15, 2021. The first quarter is not due until July 15 this year. Your state will also have their own estimate forms.

Or you can pay directly on the IRS website https://www.irs.gov/payments

Be sure to pick the right kind of payment and year.....2020 Estimate