Question

Keogh, SEP, and SIMPLE Contribution Sheet not working correctly

Forum|Forum|2 years ago
March 19, 2024
2 replies
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I am getting an error on this worksheet that prevents me from e-filing. I do not have an amount on line 6a because my spouse's 401K election and catch-up contributions are reported on a K1. Even if I enter $0 here I get the same error, which makes no sense. Also, the $27,000 limit is the limit for the total of the elective deferral including catch-up contributions for 2022. That limit should be $30,000 for 2023. The only way I have found to get around this so I can file is to enter $-3,000 on line 6a which is obviously wrong. Is there a way to get around this error so I can E-file

D

dmertz

Employee

You are correct that, for a retirement contribution reported with code R in box 13 of a Schedule K-1 (Form 1065), 2023 TurboTax is still imposing the 2022 elective deferral limit of $27,000 instead of the 2023 limit of $30,000 for those over age 50. Perhaps @BillM223 can report this. I've sent Token 1213105 showing a simple example.

In my token example, changing the box 13 code R entry and the code R additional information entry to $27,000 eliminates the error. The error reappears if the amount is changed to $27,001.

This error is present for both Taxpayer and Spouse although my token example shows only the Spouse entry.

M

MasamenosAuthor

Thank you. I have been on the phone with Turbotax support most of the morning and to their credit they recognize there is a problem and are working to come up with a work around. In the meantime it looks like I can enter $0 in Box R on the K1 and Report $22,500 on line 6a and $7500 on line 6c of the worksheet. I still get total contributions of $30,000 but no longer get the error message. This appears to generate a form 1040 that is identical to reporting everything through the K1. I would much prefer that the program error get fixed though.