Software Error in Keogh, SEP, and Simple Worksheet 2022

Forum|Forum|3 years ago
January 21, 2023
1 reply
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The Keogh, SEP, and Simple Worksheet for 2022 is filling in Deferred Compensation (line 9) with 2021 max amount ($19,500) and not 2022 max amount ($20,500). I used the override button to correct. Some people might not notice error. Today is 1/21/23. I imagine TurboTax is still working through bugs at this point.

TurboTax Home & Biz Windows

dmertz

Level 15

Every year TurboTax is slow to update the Keogh, SEP and SIMPLE Contribution Worksheet despite the contribution limits being known for more than a year.

dmertz

Level 15

Be aware the only the calculations shown in Part III of the worksheet are incorrect, but TurboTax doesn't actually seem to use the calculations on Part III for anything. TurboTax appears to use the same calculation method, but done separately, to determine the allowable contribution. You can enter $20,500 on line 6a of Part I or mark the Maximize box on line 6d and TurboTax will properly calculate the maximum permissible deduction despite the erroneous calculation shown in Part III.