Do I have to pay underpayment tax
There are exceptions to the underpayment
Exceptions to the Penalty
You will not have to pay an underpayment
penalty if either 1 or 2 applies.
You had no tax liability for 2006, you were a U.S.
citizen or resident for the entire year, and your
2006 tax return was (or would have been had you
been required to file) for a full 12 months.
The total tax shown on your 2007 return minus the
amount of tax you paid through withholding is less
How to request that the IRS waive the
You can also request in writing that the IRS
waive the penalty if the underpayment was due to a casualty,
disaster, or other unusual circumstance and it would be unfair
to impose the penalty.
The same request can be made if you retired
in 2006 or 2007 after age 62 or became disabled and the
underpayment was due to a reasonable cause. You must attach a
statement to your return.