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Quarterly payments

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I had to pay $1400 in taxes this year and Turbo Tax generated quarterly statements for me to pay. I assume I had to pay this year because of the amount earned in 2016 which put us over the limit for taxation of Social Security. I have since been laid off of my job and will not be earning the $28,000, however, I am eligible for 26 weeks of Unemployment Benefits (I do have taxes withheld at 10%. Do I still have to make the quarterly payments? Is it mandatory to make all 4 or can I only make 1 or 2?

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AnnetteB6Answer

Employee Tax Expert

You are not required to make the estimated payments based on the vouchers generated by TurboTax.

If your situation has changed and you want to pay only a portion of the estimates, that is fine. Just be sure to keep good records for the amounts that you pay so that you can enter it into your tax return for 2017.

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Employee Tax Expert

Answer

Employee Tax Expert

You are not required to make the estimated payments based on the vouchers generated by TurboTax.

If your situation has changed and you want to pay only a portion of the estimates, that is fine. Just be sure to keep good records for the amounts that you pay so that you can enter it into your tax return for 2017.

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