Oh, this is brilliant, thank you so much!
Because neither of us has an employee sponsored retirement plan we can deduct our IRA contributions. For 2023 I erroneously failed to include the contribution so I'm guessing that now I need to file an amendment for 2023 and include the $7,500 deductible IRA contribution? And for 2024 I will include the IRA contributions as I should.
This leads to another question...can I use any of our FTC carry from previous years to pay for the penalties? We have FTC carry in every one of those years, so could I use the 2021 credit carryback to pay for 2020 penalties and the 2022 credit carryback to pay for the 2021 penalties? Thanks again!
