TurboTax won't let me enter $21,450 for a Simple IRA payment, insisting the maximum is $19,000. This is an error - a bug in TurboTax, because the Secure Act increased the amount for employers with less than 25 people, using catch up. This was reported to TurboTax which claims to have corrected the problem - but the problem still exists on my computer. Is there anyone who had this problem and has now found that it is fixed on their computer? I am told that my program is up to date.
You'll need to sign in or create an account to connect with an expert.
The latest update purports to fix the bug in that it does not show the return having an error if you enter $21,450 as your Simple IRA payment. BUT Turbotax calculates your tax incorrectly if you do not manually over-ride two places where it shows the payment as $19,000. This seems to be the Keogh/Sep IRA worksheet and th 1040 worksheet line 16. If not fixed, I think some people are going to pay more taxes than they owe!
Thank you for the information. The experience you described has been brought to the attention of the development team again for further investigation.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
SonomaTom
Returning Member
jsefler
New Member
micah7
New Member
dewdew
Level 1
x9redhill
Level 2