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The SEP IRA limit for 2017 is $54,000, but TurboTax is telling me that the limit is $53,000. Is this just a bug in the current update?

 
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dmertz
Level 15

The SEP IRA limit for 2017 is $54,000, but TurboTax is telling me that the limit is $53,000. Is this just a bug in the current update?

Yes, this is the result of calculations on lines 1 and 2 of Part V of the Keogh, SEP and SIMPLE Contributions Worksheet that have not yet been updated for 2017.  This has been reported and a fix is apparently in work.

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4 Replies

The SEP IRA limit for 2017 is $54,000, but TurboTax is telling me that the limit is $53,000. Is this just a bug in the current update?

The annual   limit and the amount you are allowed to contribute may be different  due to the income you are reporting.

The SEP IRA limit for 2017 is $54,000, but TurboTax is telling me that the limit is $53,000. Is this just a bug in the current update?

To see if that is true, I tried increasing my Schedule C income up to $1,000,000 just for fun.   It still claims that $53,000 is the maximum.
dmertz
Level 15

The SEP IRA limit for 2017 is $54,000, but TurboTax is telling me that the limit is $53,000. Is this just a bug in the current update?

Yes, this is the result of calculations on lines 1 and 2 of Part V of the Keogh, SEP and SIMPLE Contributions Worksheet that have not yet been updated for 2017.  This has been reported and a fix is apparently in work.

dmertz
Level 15

The SEP IRA limit for 2017 is $54,000, but TurboTax is telling me that the limit is $53,000. Is this just a bug in the current update?

Today's release (R7) corrects the problem.
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