Do I need to pay estimated quarterly taxes in 2021 if I payed ZERO dollars in taxes for 2020. But expect to owe more than $1000 in 2021.
Answered by Melissa Pedigo, CPA ·
If you had no income taxes in 2020, then you will not receive a penalty for failing to pay estimated taxes in 2021. Many taxpayers still prefer to pay the estimated quarterly taxes so that they do not owe the entire amount the following year.