Do I need to make a quarterly tax payment if I sold my house in July of 2023 but had no reportable income in 2020? I will owe approximately $35k to the Fed and 10k to the state based on my calculations.

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Q.  Do I need to make a federal quarterly tax payment, or 2023,  if I sold my house in July of 2023 but had no reportable income in 2022? 

A. No.  

You should make estimated tax payments for the current tax year if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits. 
- 2. You expect your withholding and credits to be less than the smaller of: 90% of the tax to be shown on your current year’s tax return, or  100% of the tax shown on your prior year’s tax return. (110% if your AGI was more than $150K) . 

 

Since your 2022 tax liability was $0, there will be no underpayment penalty for not having made 2023 estimated payments. 

 

State rules may vary, but are usually similar.