If you follow along with all the various catch up provisions noted in their example below, pulled from the link you posted: A 15 yr employee can defer an extra $3000 to bring the total up to $22,500 that she can defer for tax year 2020. In addition a person that is over 50 can defer another $6500 to bring the total up to $29,000 (22,500 + 6500).
Turbo Tax will not let me submit my return because they claim I am only entitled a $26,000 deferment and not the actual $29,000 that my employer pulled from my monthly paychecks. I went thru this with Turbo Tax for tax years 2019 & 2018. They finally rewrote their software to allow the $29,000 deferment, but not until the very last moment before the deadline. Why can they make that a permanent change to their software instead of making people like me go thru this heartache every year?
Example: Assume Pat, age 50, has worked as a teacher in the XYZ School District for 15 years; is eligible for the 15 years of service catch-up; and has eligible compensation of $70,000 for 2020. The maximum employee and employer contributions to the XYZ 403(b) plan for 2020 for Pat would be $63,500 ($57,000 annual addition + $6,500 age 50 catch-up):
Pat made elective salary deferrals to the 403(b) plan in 2020 totaling $22,500 ($19,500 plus $3,000 15 years of service catch-up)
An employer contribution of $34,500, brings the total employee and employer contributions to $57,000, the annual additions limit in 2020.
Pat may also defer an additional $6,500 age 50 catch-up contribution in 2020.
