Do I owe a penalty for not paying my estimated 2020 taxes last year?

It depends. Per the IRS, most taxpayers will avoid a penalty if they either owe less than $1,000 in tax after subtracting their withholding and estimated tax payments, or if they paid at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.

To review if you have a possible underpayment penalty, please follow the instructions below:

1. Open your return.
2. Search for underpayment penalty with the magnifying glass tool at the top of the page.
3. Select the Jump to link at the top of the search results.
4. Review your underpayment.