This answer is only partially correct. What is not considered is the Age Based Contribution benefit IRS allows for in a 403 and/or 457 plan.
Apparently nobody at Turbo Tax got the message last year and forced many of us to print all the forms and snail mail the forms in - when tax deferred contributions exceeded what is written above and allowed based on:
- past contributions
- nearness to retirement
In our case - we take advantage of this and Turbo Tax has yet to fix their software even though they knew about it in Jan of 2019.
Anyone out there know of a tax application that does take into account Age Based Contributions? In my wifes particular case - almost $70,000 of her income was tax deferred. Blessed to be able to do that.
