For 2024, SIMPLE IRA employee (and self-employed) contribution limit is increased to $17,600 by Secure Act 2.0. But turbotax flags any contribution more than $16,000 as an error, and reduces the deduction.
Here is the rule:
Employees may defer up to $16,000 for 2024 ($19,500 if age 50 or older), however, the annual deferral limit and the age 50 catch-up contribution amount for employees will increase by 10% of the 2024 limit for employers with no more than 25 employees.
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The software isn't fully implemented yet.
If you are using the "Desktop" software, check for updates on 9 and/or 16 January to see if the weekly update fixes it. (I usually wait until a day later like 10 or 17 Jan).
If you are using the "Online" software, go thru the entry again on 10 and/or 17 Jan to see if it gets set right.
The error described here has not been fixed.
Do we have an estimated timeline from Intuit for when it will be fixed, or a workaround that permits filing electronically (i.e., does not involve overriding on the form)?
If you are using the Desktop software, amke sure you install this week's update first
Still a problem?
Don't know...you might have to call Customer Support:
Yes, I am using the updated version of TurboTax Desktop.
I called support a week ago. The agent was very nice and said he would pass my report on to his supervisor. I haven't heard back.
I don't see a way to make a written bug report or talk with someone from their product team. Hopefully someone at Intuit is monitoring this forum.
Best,
Jared
I am having the exact same issue. I update daily and this continues to occur.
I'm having the same issue for Maximizing Traditional SEP contribution. Fully updated as of 2025-02-07
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