Hi @aishaliane and thanks for your question!
Fellowships can be tricky. If part of the amount goes to pay for educational expenses then that part only is not taxable. Keep in mind that an amount for room and board and meals is not a qualified educational expense. Now I'm assuming this fellowship is in relation to education, but it may not be.
So it is possible your income is taxable, and you will be charged an underpayment penalty for not making quarterly payments. This "penalty" is less of a penalty and more interest, so that amount should be small. The safest bet is to reduce your fellowship amount by the amount that is considered qualified educational expenses if any. Then determine which tax bracket you are in Which tax bracket am I in? Then you can make quarterly payments based on the tax bracket percentage.
For example if I go into our calculator linked above, I put in that I'm single and my taxable amount is 75,000 that puts me into the 22% tax bracket. Now lets say I get a check for my fellowship every month. I want to put 22% of that amount towards estimated payments which are due on April 15, June 15, September 15, and January 15. Keep in mind some states the last payment is due in December.
I hope this helps.
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