Tuesday, March 13, 2007

Damn, I think the accountant is right

I'm going to see the accountant later this afternoon, and I think I found the error. Sadly, I think the error is mine.

I've been puzzling over the huge discrepancy I mentioned in a prior post, so I went through TurboTax's numbers line by line. When I got to the line of the return with the amount I left with the IRS from last year's refund and the amount I paid in estimated taxes, it looked too high. So I made the program show me everything that went into it.

It appears that I correctly entered the amount I'd let the IRS keep from last year's refund. It appears that the program also automatically carried over that amount from last year's return. So it (with my help) wound up double-counting that.

Damn. Bad enough I have to eat crow and apologize to the accountant--but I will, since he was right and I was wrong--but the worst part is that the AMT has swallowed a huge chunk of what I expected to be a very nice refund this year.

Now I just have to worry about an accountant who doesn't know Roth IRA limits as well as I do. Oh well, I guess I should let that go. The man did what I hired him for, and he did it right. That's what matters!

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