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https://boards.fool.com/could-you-please-expand-on-that-does-a-34374778.aspx
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| Subject: Re: question about roth conversion | Date: 12/30/2019 12:11 PM | |
| Author: aj485 | Number: 26278 of 26341 | |
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Could you please expand on that? Does a "safe harbor" include having more withheld than you paid in taxes the previous year? Yes, for those whose AGI is less than $150k, withholdings of at least the prior year's tax liability is one safe harbor to avoid underpayment penalties. For those whose prior year AGI was more than $150k, a safe harbor would be having at least 110% of the prior year's tax liability withheld. There are other safe harbors that are documented in IRS Pub 505 https://www.irs.gov/pub/irs-pdf/p505.pdf AJ |
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