ivinsfan
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 19, 2007
- Messages
- 9,969
I had an odd experience with my 2019 Fed taxes and wanted some feedback.
When checking our taxable income I noticed we came in at a hair( around 2K) under the Savers Credit for Retirements Accounts.
I had my tax guy do a 6K Spousal Roth payment for me. I expected to hit the 10% credit so 600 bucks. The credit did not process ...I double checked with my tax guy and he did enter my Roth on the appropriate line, so that was correct. He wasn't certain why this happened with the software. In previous year the credit worked perfectly.
I'm going to do some reading but I think this happened because my DH took his first MRD and it was over 6K so the withdrawal and the contribution cancelled each other out. Anybody have experience with this particular problem ...lesson learned I guess I'm OK with money in my Roth but the main driver was the tax credit.
When checking our taxable income I noticed we came in at a hair( around 2K) under the Savers Credit for Retirements Accounts.
I had my tax guy do a 6K Spousal Roth payment for me. I expected to hit the 10% credit so 600 bucks. The credit did not process ...I double checked with my tax guy and he did enter my Roth on the appropriate line, so that was correct. He wasn't certain why this happened with the software. In previous year the credit worked perfectly.
I'm going to do some reading but I think this happened because my DH took his first MRD and it was over 6K so the withdrawal and the contribution cancelled each other out. Anybody have experience with this particular problem ...lesson learned I guess I'm OK with money in my Roth but the main driver was the tax credit.