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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121481  
Subject: Re: The rule on withholding Date: 8/7/2001 12:00 PM
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Can someone remind me what the rule on withholding is again? It seems to me that as long as I withhold 110% of last year's 'something' I won't be penalized for underwithholding no matter how much is withheld.

Check the FAQ on Estimated Taxes and IRS Publication 505. The simplest safe harbor: if your 2001 withholding plus timely, equal estimated tax payments is at least as much as your 2000 tax (110% of 2000 tax if 2000 AGI was over $150,000), you have no estimated tax penalty for 2001, regardless of the amount due when you file.

Phil Marti
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