So honestly I had no idea that unemployment and the 600 dollars cares act where tax-deductible. I just set it up on automatically deduct right now. At the end of the year will they be a section for me on turbo tax to make does payment. And is there anyway for me to pay it right now because i hate having debt over my head
I'm not exactly sure of your question. Unemployment is taxable income. If you are having taxes withheld from your unemployment, it is similar to having taxes withheld from a job. This will all be reconciled with you file your 2020 tax return in 2021.
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It sounds like you have now set up your future unemployment compensation to have tax withheld from the payments you are receiving. Next year when you prepare your 2020 tax return, you will need to enter a 1099G from your state that will show the unemployment benefits you received; you will also be able to enter the amount of tax that was withheld from that unemployment benefit. Some states mail out the 1099G, but most expect you to go the the state's unemployment web site to get it yourself, so remember to do that at tax time next year.
So what I was trying to say was that in newyork before getting your unemployment, you have the option of choosing the federal and state deductible on it. But I didnt choose that at the beginning so I got the full amount without paying any taxes. So I owe 12% of that for 6 weeks worth of income. I was wondering if there was a way for me to pay what I owe now or would the money be taken out of my tax refund next year
If you think you might owe a tax due next year when you file you can send in an estimated payment to cover some. It's like withholding deductions from your pay.
Here are the blank Estimates and instructions…..
The 1040ES quarterly estimates are due April 15, 2020, June 15, Sept 15 and Jan 15, 2021. The first 2 quarters are 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