Seems there is no penalty for unpaid estimated tax in 2017, because I have no tax liability for 2016? (I have never filed tax return in the past)?
So I don't have to do anything for missed 2017 estimated tax now? Just file the 2018 1st quarter's tax and 2017 entire year's tax return before April 17?
Below is from p505 pdf file from IRS:
No penalty. Generally, you won’t have to pay a penalty for 2017 if any of the following apply.
* The total of your withholding and timely es-timated tax payments was at least as much as your 2016 tax. (See Special rules for certain individuals, later, for higher income taxpayers and farmers and fishermen.)
* The tax balance due on your 2017 return is no more than 10% of your total 2017 tax, and you paid all required estimated tax payments on time.
* Your total tax for 2017minus your with-holding is less than $1,000.
* You didn’t have a tax liability for 2016.
* You didn’t have any withholding taxes and your current year tax (less any household employment taxes) is less than $1,000
