topic Is there a TT software fix to allow 403(b) deferral for 15 year service in addition to the deferral for "over 50"? in Retirement tax questions

Is there a TT software fix to allow 403(b) deferral for 15 year service in addition to the deferral for "over 50"?

Maxitout — Mon, 30 Mar 2020 16:12:09 GMT

Re: Is there a TT software fix to allow 403(b) deferral for 15 year service in addition to the de...

KurtL1 — Mon, 30 Mar 2020 21:37:17 GMT

Before you attempt to file again, clear you cache and cookies. If you still receive and error, let us know what the error says.

To clear cache, click here: Cache

Re: Is there a TT software fix to allow 403(b) deferral for 15 year service in addition to the de...

Maxitout — Mon, 30 Mar 2020 23:01:10 GMT

Kurt:

I cleared the cache back 4 weeks, so it should have caught anything related to the return. I get the same error:

"We see Russell contributed $28,000 to retirement plan(s).

"The maximum most people age 50 or older can contribute to all salary deferral retirement plans for 2019 is $25,000.

"Read IRS Publication 560, Retirement Plans for Small Business, to find out the maximum salary deferral for each type of retirement plan and what you need to do to correct the $3,000 overpaid into Russell's account."

There are 2 catch-ups available in my plan with a state university, the over 50 catch-up is $6,000. The 15-year service (which has a $15,000 lifetime limit) is an additional $3,000. I am not yet close to the lifetime maximum.

Thanks for checking into this.

Re: Is there a TT software fix to allow 403(b) deferral for 15 year service in addition to the de...

KurtL1 — Tue, 31 Mar 2020 19:41:55 GMT

I did further research and found that TurboTax does not support the additional contribution to your 403(b) for the 15 years of service. TurboTax handles most tax situations with some exceptions. This is one of those exceptions.

You are unable to use TurboTax to file your return which includes the additional contribution to your 403(b).

Re: Is there a TT software fix to allow 403(b) deferral for 15 year service in addition to the de...

Maxitout — Tue, 31 Mar 2020 23:42:46 GMT

I see that some people are being directed to print out the Return and send it manually. Will that work?

Re: Is there a TT software fix to allow 403(b) deferral for 15 year service in addition to the de...

KurtL1 — Mon, 06 Apr 2020 19:14:00 GMT

Yes, you can override the error for the excess 403(b) contribution. You would pay and print your return to mail in.

Doing this will void the TurboTax Accuracy Guarantee on the return.