topic Retirement contribution limit is wrong in TT Home & Business TY2024 in Get your taxes done using TurboTax

Retirement contribution limit is wrong in TT Home & Business TY2024

melrex — Fri, 15 Nov 2024 19:23:29 GMT

I am getting a head start on 2024 taxes and the program is suggesting I over contributed because the maximum allowed limit is $30,000 (with age 50+ catchup). The correct maximum limit should be $30,500 ($23,000 + $7,5000.

Re: Retirement contribution limit is wrong in TT Home & Business TY2024

VolvoGirl — Fri, 15 Nov 2024 19:32:17 GMT

They know. The early program is not updated. There will be many many updates to come. They usually update on Thursdays. If it doesn’t automatically update go up to Online - Check for Updates.

Re: Retirement contribution limit is wrong in TT Home & Business TY2024

hullian — Fri, 15 Nov 2024 19:55:57 GMT

Yeah, I just posted the same thing before I read your note! It gave me an error message saying my $23,000 elective deferral was $500 over the allowable amount. Of course, that amount was increased from last year. Get with it, Turbotax! Stop living in the past!

Re: Retirement contribution limit is wrong in TT Home & Business TY2024

hullian — Fri, 15 Nov 2024 19:57:32 GMT

If they know (and they should!), then why not fix it BEFORE you post for sale?