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I converted a substantial IRA rollover into a ROTH last year and chose the four year tax spread option. I also had quite a lot of deductions last year that I don't expect to come anywhere close to this year. Thus, my total tax owed last year was quite a bit lower than what I anticipate for this year.

My question has to do with avoiding what I understand is a federal tax penalty if I don't have enough deducted in payroll taxes this year. I've been told that I should have been paying quarterly estimated taxes during 1999 and since the year is more than half over I'm a little worried now about the possibility of a penalty if I owe too much of a tax balance for 1999.

Any and all advice is most welcome as to how to address this perceived problem. Thanks very much.

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