Hello, I hope I can ask a question here since I cannot find how to start a new question.
My Schedule C for 2020 taxes is $0 income so turbo tax is saying that I do not have to pay estimated taxes for 2021 using the "prior year exception". I know I am making income this year and have a estimate of owning approximately $1300 in self employment tax at the moment. If I follow the "prior year exception" rule as I have every year for the last 18 years, then I will not pay any estimated taxes during the 4 quarters and just file my taxes next year and pay into the IRS what I owe. I am just nervous not paying anything because I always pay something and don't want the fact I will owe more than the $1000 to come back and bite me.
Am I ok, following what TT is saying and following the "prior year exception" and paying $0 estimated self employment/federal tax for this year?
Thank you
