Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

Turbo Tax will not let me submit my return because they claim I am only entitled a $26,000 deferment and not the actual $29,000 that my employer pulled from my monthly paychecks. I went thru this with Turbo Tax for tax years 2019

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Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

If you're 50 or older, the limit for most folks is $26,000 for 2020. Why do you think it should be higher?

Retirement Topics 403b Contribution Limits | Internal Revenue Service (irs.gov)

Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

Here is my complete question.

Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

Turbo Tax will not let me submit my return because they claim I am only entitled a $26,000 deferment and not the actual $29,000 that my employer pulled from my monthly paychecks. I went thru this with Turbo Tax for tax years 2019 & 2018. They finally rewrote their software to allow the $29,000 deferment, but not until the very last moment before the deadline. Why can they make that a permanent change to their software instead of making people like me go thru this heartache every year?

Please refer to the two IRS.gov links below.

https://www.irs.gov/pub/irs-pdf/p4482.pdf

Retirement Topics 403b Contribution Limits | Internal Revenue Service (irs.gov)

If you follow along with all the various catch up provisions noted in the IRS example below, pulled from one of the links above, a 15 yr employee can defer an extra $3000 to bring the total up to $22,500 that she can defer for tax year 2020. In addition a person that is over 50 can defer another $6500 to bring the total up to $29,000 (22,500 + 6500).

Example from the 2nd IRS link: Assume Pat, age 50, has worked as a teacher in the XYZ School District for 15 years; is eligible for the 15 years of service catch-up; and has eligible compensation of $70,000 for 2020. The maximum employee and employer contributions to the XYZ 403(b) plan for 2020 for Pat would be $63,500 ($57,000 annual addition + $6,500 age 50 catch-up):

Pat made elective salary deferrals to the 403(b) plan in 2020 totaling $22,500 ($19,500 plus $3,000 15 years of service catch-up)
An employer contribution of $34,500, brings the total employee and employer contributions to $57,000, the annual additions limit in 2020.
Pat may also defer an additional $6,500 age 50 catch-up contribution in 2020.

To me this should be a non issue ... Turbo Tax needs to amend their software. Thanks.

Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

Plz see my follow up post.

Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

I need help to correct my turbotax pdf form.

Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

Considering the amount of USG/Health Care workers with 403B's, how does Turbotax get this wrong every year and how do I get a response on how to address the software issue? The $3k catchup was correctly withheld per the regulation.

I'm a long time user, but time to look at another solution for tax software. May 17 is coming fast....update planned? or not. C'mon Turbotax.....

Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

I redid my taxes using both H&R B and then TS software. I breezed thru both w/o getting hung-up on my 403(b) withholdings and was able to submit both the state and federal return electronically. Needless to say I didn't use TT this year. Sorry TT but next year don't make it so darn difficult for those of us that know what the heck we are talking about from gaining an audience with a TT expert that knows this stuff. (It will be interesting to see if this message even gets posted. I tried to be polite about it.)

Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

Nothing, no response. TT?

Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

You will need to call in to report the issue that you are experiencing.

If the agent is not able to correct the issue a support ticket should be created.

Unfortunately without customers such as yourself not calling in to report issues, TurboTax does not always know that there is an issue with software.

Turbo Tax is incorrect relative to 403(b) contribution limits. They need to correct such before myself and others can submit our returns? When will Turbo Tax do so?

Give me their number and I'll be more than happy to call. The best I could do this year was to get one of their tax experts to call me. After a full hour of reading to me the posts on this discussion board, none of which applied, he told me to sign up for the best version of Turbo Tax, which cost $120.00 +/- as that way I could talk in person with a CPA. The heck with that, so I went elsewhere. Besides, I helped them correct this very same mistake for the past two years. It really makes me wonder when they make the same mistake three years in a row.

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