When will the 401K self-employed maximum deduction calculation be fixed?

tenor67BU — Thu, 19 Mar 2020 19:20:01 GMT

Every year I have to go through hoops to get Turbotax Home & Business to correctly calculate my self-employed contribution. I am over 50, self-employed with no employees. According to the IRS and Fidelity's tax department, I have been allowed to contribute up to $24,000.00 in past years. According to the current IRS page, the maximum contribution is $25,000.00 this year. I contributed $20,000 in 2019, but the app flags that as an error, stating that I can contribute a maximum of only $19,000.00. Last year, I had to contact one of TurboTax's "experts" to solve the same problem. He was stumped for a while, but finally got back to me with the correct method for entering my contribution amount. Furthermore, he said that Turbotax needed to fix the problem. I'm getting a bit frustrated.

Thanks for any help!

Re: When will the 401K self-employed maximum deduction calculation be fixed?

VictoriaD75 — Fri, 20 Mar 2020 02:00:03 GMT

Thank you for your feedback. I have tested this issue and requested that it be reviewed further.

Re: When will the 401K self-employed maximum deduction calculation be fixed?

tenor67BU — Sun, 22 Mar 2020 13:13:39 GMT

Thank you for replying. I'm looking forward to an answer.

topic When will the 401K self-employed maximum deduction calculation be fixed? in Deductions & credits

When will the 401K self-employed maximum deduction calculation be fixed?

Re: When will the 401K self-employed maximum deduction calculation be fixed?

Re: When will the 401K self-employed maximum deduction calculation be fixed?