DeeDee47
Returning Member

Report error on KEOGH/SEP Worksheet in 2020 Turbotax Home and Business

In Part III of the KEOGH/SEP worksheet there are errors on Line 9 and Line 17:

Line 9 shows and uses $19,000 as the maximum allowable elective deferral. that was the 2019 number, the correct number for 2020 is $19,500 (as the accompanying text states).

Line 17 shows and uses $6,000 as the maximum allowable catch-up contribution. That was the 2019 number, the correct number for 2020 is $6,500 (as the accompanying text states).

Please correct and update the software.