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New Member
posted Jun 3, 2019 11:18:21 AM

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
Level 15
Jun 3, 2019 11:18:23 AM
Returning Member
Feb 2, 2020 8:27:08 AM

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???