Do I need to be concerned about estimated taxes?
Article ID: IAS10162
Normally, you should not worry about estimated taxes if one of the following apply:
- Anyone who expects the current year tax bill, net of withholding and other tax payments to be under $1000.
- Any US citizen or resident alien whose prior year tax bill was zero would also be exempt from making estimated taxes.
There are also other IRS "safe harbors" to avoid underpayment penalties.