Abstract: I present a detailed spectral analysis of the recent 1.5 Ms XMM-Newton observing campaign on the narrow line Seyfert 1 galaxy IRAS 13224−3809, taken simultaneously with 500 ks of NuSTAR data. The spectral variability is dominated by the power law continuum from a corona region within a few gravitational radii from the black hole. The disk reflection spectrum changes correspondingly. Additionally, blueshifted Ne x, Mg xii, Si xiv and S xvi absorption lines are identified in the stacked low-flux spectrum, confirming the presence of a highly ionized outflow with velocity up to v = 0.263 and 0.229 c.