Yes, that is correct. However, don't confuse tax due with your return with tax liability for the year. If you had tax liability of $100,000, but only had to pay $50 with your refund, you would still need to pay at least $100,000 to avoid penalty for the following year.
If you simply didn't work in 2020, then became a multi millionaire in 2021, then you would meet the criteria of having no tax liability for 2020 and not having to pay anything to avoid the penalty on your millions in 2021.
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