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Deductions & credits
Also be aware, that if you are contributing the maximum deferral for 2024 ($23,000 plus $7500 plus $2700 special catch-up), when you do your 2024 taxes, turbotax will not recognize the special 403b catch-up rule and will warn you that you have an excess contribution that you need to remove. (Turbotax has never understood the special 403b catch-up.)
I believe the consequence is that the $2700 "excess" will be added back to your taxable income. The workaround is to change what you enter for box 12 of your W-2, to the regular maximum amount. This should not cause issues with the IRS. And you may want to check back here in January 2025 to see if the program has improved by then.
‎January 3, 2024
1:13 PM