Tax update
I'm not sure I can edit my entry so I'll just post this as an update.
I just got off the phone and I was told that I will claim 306 as taxable income and 30.60 as the 10% penalty entered on line 58. I have to attach forms 5329 and it looks like 8606 as well. I think I'm actually going to be getting money back instead of owing now, thanks to the lower penalty amount and the Making Work Pay credit.
Also, as I mentioned on my journal, be sure to file Schedule M and claim the $400 Making Work Pay tax credit mentioned on line 63 of the long 1040 form. If you're doing the 1040EZ or 1040A, I'm sure its on there somewhere too.
I just got off the phone and I was told that I will claim 306 as taxable income and 30.60 as the 10% penalty entered on line 58. I have to attach forms 5329 and it looks like 8606 as well. I think I'm actually going to be getting money back instead of owing now, thanks to the lower penalty amount and the Making Work Pay credit.
Also, as I mentioned on my journal, be sure to file Schedule M and claim the $400 Making Work Pay tax credit mentioned on line 63 of the long 1040 form. If you're doing the 1040EZ or 1040A, I'm sure its on there somewhere too.