☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Jan 21, 2023 12:54:36 PM

Software Error in Keogh, SEP, and Simple Worksheet 2022

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.

0 2 280
2 Replies
Level 15
Jan 21, 2023 2:16:40 PM

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.

Level 15
Jan 21, 2023 5:27:30 PM

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.