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?

[Critter]

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

[dcworters]

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 · Accepted solution]

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]

Today's release (R7) corrects the problem.