I earned about $2,400 in GST income during 2016. I did not make any estimated tax payments or take any distributions from this account during 2016. Will I be penalized?

[AmandaR1 · Accepted solution]

You can owe up to $1000 in tax and will not be penalized, so it doesn't sound like you could be penalized if you only earned $2400. There's another exception too but it's a bit more complicated.