Why does Turbotax call my $3,000 special 403(b) catch up provision an excess contribution, when it is valid for those >50 and with >15 years of employment?
My institution confirmed it is a legitimate contribution, described under IRC Section 402(g)(1) in IRS code.
041324
4 Replies
Opus 17
Level 15
Feb 10, 2023 11:36:24 AM
Turbotax doesn't recognize this special situation. As I recall, nothing bad happens if you ignore the warning, so just ignore the warning.
Opus 17 is correct. TurboTax developers failed to program TurboTax to accommodate 403(b) special catch-up contributions, so you'll just have to ignore the warning.