Yes. More than $1,000 will trigger a penalty. So if you usually owe less than $1,000 but this year it was more than $1,000, you would owe a penalty. Since you did not pay any taxes in you would not qualify for the paid 100% of last years tax liability.
If you recently retired (within the last 2 years) you may be able to claim the penalty waiver by filling out form 2210.
You will find this under
- Other Tax Situations
- Additional Tax Payments
- Underpayment penalties
Also, when you get towards the end of the return, you should be asked by TurboTax if you want to apply for the penalty waiver.
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