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dmertz
Level 15

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

The special catch-ups are still a problem.  The original question involved only regular contributions and regular catch-ups, and those are now handled properly.  Given the nearness of the regular filing deadline and Intuit typically freezing the software within 2 weeks of the filing deadline, my suggestions are to request a filing extension or to print and mail.

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

This problem is also impacting my NYS return, since I am unable to e-file my state until I file my federal 1st. Now what do I do because TurboTax says I have to e-file my NYS return?
kguz1955
New Member

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

I have the disc version and the bug is still not fixed. Please inform users the ETA of the fix.
kguz1955
New Member

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

Will Turbotax be issuing refunds for faulty software?

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

You need to call TurboTax. This question is just going out to other users. You will get a better response if you call directly.
nedrum
New Member

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

Regular catch-ups (as well as special catch-ups) of $6,000 (limit of $24,500) are still broken.
nedrum
New Member

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

Regular catch-ups (as well as special catch-ups) of $6,000 (limit of $24,500) are still broken.

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

The IRS clearly states that 457 (b) plans (code G) allow for a 3 year catch up contribution of up to $37,000 for people who have reached plan retirement age as I have.  As of today (Monday, April 8), I am being flagged by TurboTax that I exceed the $24,500 limit AND WON'T ALLOW ME TO FILE ONLINE!  PLease fix this.  I ran the update available as of 4/7/2019.  I paid for everything requested, including Audit protection.  

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

I'm having the same problem....When can we expect a fix?
nedrum
New Member

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

I updated TurboTax for the Mac today (Thu, 4/11/19) and I successfully e-filed my return, so it appears TurboTax has fixed the 457(b) issue in a recent update, at least for the Mac version. Thank you, TurboTax.
Rob75
Returning Member

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

So you suggested the Turbo Tax bug in reporting contributions to a 403b or 457b in excess of $25,000 (over age 50) might be fixed by April 5th.  It looks like it hasn't been fixed.  What should I do?

Rob75
Returning Member

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

Goodness I responded to a 2019 reply.  Still is the bug fixed - I'm getting the warning about an excess contribution.

dmertz
Level 15

I placed POST-tax dollars into a 403b and 457b, will I be penalized for this? I placed $18500 into each account, a total of $37000.

The date on the earlier posts in this thread reflect that date that these were transferred from the old TurboTax AnswerXchange forum, not the date of the original posting to that forum.  The April 5th date is referring to April 5th several years ago.

 

I'm unable to reproduce any indication by 2019 TurboTax that $18,500 contributed to a 403(b) along with $18,500 contributed to a 457(b) that there is an excess contribution.   What version of TurboTax are you using and in what step in step-by-step mode are you getting an indication of an excess contribution?

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