KD9
Level 2

Retirement tax questions

The IRS seems to have accepted my revision. Got half of it today. I didn't actually owe the penalty that I had incorrectly paid, so I guess they felt obligated to refund it. 

 

This year I was below the limit, so made a Roth contribution. TT made the calculation and I continued, so didn't find out whether backing out still leaves an incorrect penalty. I guess not many people use the back-out method to find out if they are over the MAGI limit. Was a pain in the butt to get the refund done, so I don't advise finding out that way.