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Author: vkmath One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121258  
Subject: Under Payment Penalty Help! Date: 3/12/2000 9:58 PM
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It is my understanding that a waiver can be requested for under payment. Would the two reasons sited below be valid reasons to have the penalty waived or reduced:

1) My 1999 taxes withheld were less than the prior year's taxes paid because I took a new job in 1999 that paid about $20,000 per year less than my 1998 salary. This is why my '99 withholdings were not as much as my '98 taxes paid.

2) I converted my $48,000 IRA to a Roth in 1999...this is primarily where the '99 taxes due (underpayment) stem from.

Thanks in advance!

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