Should be lined up and shot. OK, just kidding.
Got one here whose paperwork is saying client contributed $7000 to a ROTH IRA for tax year 2009, plus $500 to a Tradtional IRA for 2009.
Here's what I went thru with them last year:
Me: Hi, Josephine, your return is ready. You owe $3500.
Josephine: OMG, you're kidding me!
Me: No, I don't joke about stuff like that. It generally goes over like a fart in a space suit. And, like I said last year, I really, really, would advise you to purchase Traditional IRA's since you are in the 25% bracket.
Josephine: Well, I did! The paperwork thingy is right there!
The account name on the "paperwork thingy" was "ROTH IRA Josephine Taxpayer" (still does) and neither the client nor the advisor could figure out why I thought it was a ROTH. Stupid me.
Got one here whose paperwork is saying client contributed $7000 to a ROTH IRA for tax year 2009, plus $500 to a Tradtional IRA for 2009.
Here's what I went thru with them last year:
Me: Hi, Josephine, your return is ready. You owe $3500.
Josephine: OMG, you're kidding me!
Me: No, I don't joke about stuff like that. It generally goes over like a fart in a space suit. And, like I said last year, I really, really, would advise you to purchase Traditional IRA's since you are in the 25% bracket.
Josephine: Well, I did! The paperwork thingy is right there!
The account name on the "paperwork thingy" was "ROTH IRA Josephine Taxpayer" (still does) and neither the client nor the advisor could figure out why I thought it was a ROTH. Stupid me.
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