lisapaton120
Returning Member

INCORRECT 401K!!!! Turbotax KNOWS my age is +50 & that Federal tax laws allow "catch-up" 401K contributions totaling $32,500 in 2023 but TT considers the $7,500 "catch up" NON-DEDUCTIBLE!

So now I have to amend the 2023 return and paid too much in 2023 taxes. I DO NOT recommend Turbotax - this is an epic failure against a VERY SIMPLE tax law. While I understand not all 401K Plans allow catch up deferrals for individuals 50+ as allowed by the SECURE Act 2.0 issued in 2022, that's not an issue if tax filers document the total 401K before tax contributions as long as it does not exceed Federal 401K contribution limits. Literally an epic failure for a tax filing application.