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Get your taxes done using TurboTax
You can just skip it. You are not required to pay estimated taxes. You should if you have no withholding and generate income, but it is not required. And if you generated no income in the quarter, you owe no tax.
Underpayment penalties are assessed if you don't withhold or pay enough tax on income received during each quarter. The estimated payment vouchers were based on expected income and things change. If you did not have the income that estimate was based upon, you would be overpaying tax by paying the voucher amount. You can't be penalized for taxes you did not incur.
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‎February 25, 2022
6:57 PM