Estimated tax payments for 2021 Q1 unemployment

[jayyrayy]

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. 

[Michele_H]

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

[jayyrayy]

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

[Michele_H]

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.