Do I have to pay estimated tax if I know my 2017 income is going to be much less than that of 2016?

[JShaw1 · Accepted solution]

There are exceptions to any penalties for not filing estimated taxes. If you think you will owe less than $1000 when you file next year, you won't need to pay estimates. If you have withholding from W-2 or other income, you may be covered. If you think you will have enough withholding to cover 100% of your next year's tax, then you wouldn't need to pay estimates.