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jayyrayy
Returning Member

Estimated tax payments for 2021 Q1 unemployment

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. 

3 Replies
Michele_H
Employee Tax Expert

Estimated tax payments for 2021 Q1 unemployment

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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jayyrayy
Returning Member

Estimated tax payments for 2021 Q1 unemployment

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

Michele_H
Employee Tax Expert

Estimated tax payments for 2021 Q1 unemployment

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.  

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