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gtavcode3
New Member

Will TT fix the government 457b deferred compensation 3-year catch up limit to 37000 for people over 50 years old?

 
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2 Replies

Will TT fix the government 457b deferred compensation 3-year catch up limit to 37000 for people over 50 years old?

racerock11
Returning Member

Will TT fix the government 457b deferred compensation 3-year catch up limit to 37000 for people over 50 years old?

That link does not work.

 

In the end, when is TT going to fix their software to account for the two age based contributions allowed for in:

- 403 - can be into the upper 30's

- 457 - 3 years to go and you can defer an additional 3K.

 

Even TT themselves have finally publicly acknowledged they know  about this (I have for 2 years and my wife  is taking  advantage of both:

 

https://turbotax.intuit.com/tax-tips/retirement/are-403b-contributions-tax-deductible/L8AshU5Nb

 

"Additionally, if you have at least 15 years of service with an employer and have made average annual contributions of less than $5,000, the IRS permits an additional lifetime "catch-up" amount of $15,000 that you can use in $3,000 per year increments."

 

If they do not fix this issue in TT Tax this year, I may be returning my version to Costco.

Last year - those of us that took advantage of 403 and/or 457 Age Based Contributions had to print and snail mail returns and were not able to use e-file which  is  a benefit of TT that we pay for and do not receive.  

 

Ridiculous.

 

What is the  ETA of the software update TT?

- What do you have to say???

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