This is the first year that I will have to pay quarterly estimated taxes, since I have income but no withholding. I had planned to use part of my 2018 refund to pay the first quarter, but now I am likely going to file for an extension (my first ever). Does that mean I’ll have to pay the
first quarter of estimated taxes for 2019 separately?
Also, how do I figure out if I even have to pay estimates for the first quarter? While I know roughly what my annual income will be (high enough to trigger the required estimated payments), it is quite lumpy. The biggest lump (about half the annual total) has timing I can control and I haven’t elected to receive it yet. My first quarter income was around $3,500. Expected annual income is more like $40,000.