According to the IRS, You don’t have to pay estimated tax for the current year if you meet all three of the following conditions.
- You had no tax liability for the prior year
- You were a U.S. citizen or resident alien for the whole year
- Your prior tax year covered a 12-month period
Also, individuals, including sole proprietors, need to pay estimated taxes if they expect to owe tax of $1,000 or more when their return is filed. in your case, if you expect to owe more than $1000 for year 2023, you will need to pay estimated taxes to avoid the penalty.
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