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Retirement tax questions
Thanks for the prompt response @dmertz . Now I'm curious about your references to excess contributions. Not sure how the questions TT is asking determine excess. Back to my hypothetical...Roth has $50k Dec 31st. By my actual basis through the year might be $30k (with great returns). And I'm going to add $7k for 2019 ($6k base and $1k catch up). How (or why) does any of this matter or become relevant to excess contributions. I'm sure I'm missing something.... Maybe I'm perplexed at why does TT need to know value as of Dec 31st? Given it can change w/o add'l contributions, why does it matter? Just trying to satisfy curiosity and remain semi-sane.
On separate, but similar note, it would be great if TT had a calculator prior to entering IRA/Roth IRA values to actually see what if amount we can contribute to either type of account. I'm fortunately enough that most years I'm in the "sliding IRA contribution" scale for yes/no/some to Roth or deductible IRA. But I have to fill them out, run check, redo or change to other type and try several times before I can determine exactly what I can contribute, if anything. A small problem to have, but would love a quick table that adjusted real time as we completed our taxes to tell us what we could contribute to either or both IRA type of accounts for self and spouse. Pardon the tangent commentary.