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A Finances Addendum
May. 17th, 2025 06:10 pmJust to acknowledge that I'm not always as smart as I think I am...
While going over things with my Fidelity Guy, I discovered that I overpaid on my taxes the last three years. This came up because I was certain that some of the money that went into my 401K was above the pre-tax limit and therefor needed to get rolled into a Roth IRA, not a regular IRA. Except they couldn't find any evidence that I'd made any above-limit contributions.
Why was I so certain that I had? Because there was this section in the tax instructions for Additional Income where I (mis)read my W2 as indicating that I'd contributed more than the limit. So being a good, law-abiding person, I plugged in the numbers and added it to my taxable income. Except it turns out the numbers I misread as overage were actually non-taxable contributions to my employee-provided health and insurance coverage.
So I need to do corrected tax returns for 2022-2024 and get some money back. I don't mind the paperwork. I just hate losing my pride in being tax-savvy. (Please, no advice required on this point.)
While going over things with my Fidelity Guy, I discovered that I overpaid on my taxes the last three years. This came up because I was certain that some of the money that went into my 401K was above the pre-tax limit and therefor needed to get rolled into a Roth IRA, not a regular IRA. Except they couldn't find any evidence that I'd made any above-limit contributions.
Why was I so certain that I had? Because there was this section in the tax instructions for Additional Income where I (mis)read my W2 as indicating that I'd contributed more than the limit. So being a good, law-abiding person, I plugged in the numbers and added it to my taxable income. Except it turns out the numbers I misread as overage were actually non-taxable contributions to my employee-provided health and insurance coverage.
So I need to do corrected tax returns for 2022-2024 and get some money back. I don't mind the paperwork. I just hate losing my pride in being tax-savvy. (Please, no advice required on this point.)
