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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121482  
Subject: Re: Two Related Tax Issues Date: 8/18/2013 2:43 PM
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Since the penalty is ostensibly avoided if any of the above criteria is met, does the phrase apply only to all three provisions or to just the last two?

Meeting any of the three safe harbors is sufficient. Meeting the smallest safe harbor is sufficient.

Item 3 is incomplete. If income is above a limit (150K or 75K for married filing separately), the amount is 110%.

Whichever is smaller could apply to 1, 2 or 3.

Example:
1.) previous year taxes were $900
2.) less than $1,000 is owed for the current tax year

The lowest safe harbor is $0, item 1.
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