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Date:   Mon, 9 Nov 2009
From:   Tim

With respect to the prior year exception for California estimated tax purposes, does the 110% prior-year exception still apply if you expect your 2009 AGI to exceed $1 million?

Thanks,
Tim

Answer

Date:   7 Dec 2009

Hello Tim,

No. It stinks, doesn’t it?

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Good luck!

Mike Gray

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IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained in this answer was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.