2023 Max SEP/Keogh Contribution Incorrect?

[IdaPlanner]

Hi -

Schedule 1 shows as final on the update page, but seems to be limiting SEP/Keogh contributions to the 2022 max of $61k instead of the 2023 max of $66k.  I checked the Keogh/SEP/SIMPLE contribution worksheet and if I enter a $66k SEP contribution (plenty of Sch C income to support it), It shows $66k as the max in Part III Line 21 (though line 8 text says not more than $61,000 even though it allows the $66k.  In part V though, Line 2, it's supposed to be taking that $66k value from Part III line 21, but instead uses $61k.  That $61k is then transferred to Sch 1, Ln 16, which is incorrect.

Can anyone replicate?  Should I report this to Support? 

[Jim-from-Ohio · Accepted solution]

no need to report it.. the sofware is still being updated

[PATAX]

I agree with Jim. It is too early. Wait a little bit. I have used that worksheet many times over the years and I have never had a problem with it. Intuit/Pro Series does an excellent job on that. So just wait a little bit.

[IRonMaN]

Its really, really early for a 2024 contribution 😯

[IdaPlanner]

Yeah, I meant tax year 2023, 2023 Proseries Pro...  just preparing in calendar 2024.  I just corrected the thread title.

[IdaPlanner]

Understood.  Just odd to me that they would list Schedule 1 as FINAL with a simple math error like this.

[sjrcpa]

I think FINAL means the layout of the form is final per IRS and IRS approved Intuit's version.

I don't think it has anything to do with how the software calculates anything.