- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
I'm sorry, you are right. I forgot that you owe both income tax *and* 10% additional tax on the amount you would not have otherwise been eligible to contribute. Ignore what I said about 10% being less than your marginal tax rate. Keep in mind, though, that income tax rates are lower for 2018 than for 2017 due to the recent tax-code changes.
‎June 3, 2019
6:03 PM