My wife and I are retired and owed no tax in 2019. I made one IRA withdrawal during 2020 which will result in tax owed in the 2020 tax return. My reading of the IRS code is that we didn't have to pay estimated tax during 2020 since I met all 3 of their exemption conditions 1) No tax liability prior year 2) US Citizen 3) Prior Tax Year 12 months. So...I'll pay what we owe with our 2020 income tax filing.
Moving into 2021 we will not be taking IRA distributions. We will be living off social security and savings. Since I owe tax on 2020 will quarterly estimates be required in 2021? I live in a no tax state so I guess I should have tax withdrawn from our social security for federal tax?
