I've recently started work as an independent contractor starting in April and I'm trying to calculate my estimated quarterly taxes for Q2. Line 15 on 1040-ES says:
"If the first payment you are required to make is due April 15, 2021, enter ¼ of line 14a (minus any 2020 overpayment that you are applying to this installment) here..."
I think the assumption here is if I were self-employed the entire year, I'd divide by 4 to get the quarterly payment from the estimated annual income.
But my first payment is actually due June 15, 2021 since I started working after March 31st. What exactly am I supposed put on this line here? Do I just divide by 3 instead (since I'll only work 3 out of 4 quarters of the year)? Is the IRS going to think I had this income for the whole year and skipped the Q1 payment? Doesn't say anything in the instructions.