Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Calculation of I 401(k) employee contributions is wrong in ProSeries Basic

EJK
Level 2

Self-employed with Individual 401(k) plan.  When calculating employee contributions for ty 2020, ProSeries Basic indicates max is $19,000 with catch up of $6,000.

When will programmers reflect the proper amount for ty 2020 of $19,500 plus $6,500 catch for total of $26,000?

I have to overwrite the entries right now.

And how do you make "suggestions" to the programmers directly?

 

 

Labels (1)
0 Cheers
8 Comments 8
Just-Lisa-Now-
Level 15
Level 15

Simple IRA is wrong too. They havent been updated yet.   


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15

"And how do you make "suggestions" to the programmers directly?"

You can go directly to list of known ProSeries issues at ...............................................  Never mind, it was just a dream that I keep having that Intuit actually listened to us about keeping users informed of defects.  


Ukraine - hang in there
Just-Lisa-Now-
Level 15
Level 15
FWIW I added it to the bug list in the back room....but I dont think its an actual bug, its just a delayed update.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15

"FWIW I added it to the bug list in the back room"

But that's the problem with Intuit ---------------------- too many back rooms that they hide stuff in.  I'm guessing they never really want to provide a list of all of the known issues to its customers out of fear that most of the customers would flee if they saw how many issues there actually were. 


Ukraine - hang in there
TaxGuyBill
Level 15

@Just-Lisa-Now- wrote:
 its just a delayed update.

 

REALLY delayed, because the IRS announced the new rates in November of 2019.  When it is announced a YEAR before the software comes out, you would THINK they would have those updated when they release the software in November.

https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rise...

 

But Intuit's stupidity is that they program the software based on IRS Publications, rather than anything authoritative.

Just-Lisa-Now-
Level 15
Level 15

The CARES Act retirement distribution due to Covid that gives 3 years repayment happened back in March, right?  Still no 8915E in the program, its not even in the list of forms to be released.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15

"But Intuit's stupidity is that they program the software based on IRS Publications, rather than anything authoritative."

Bill - you need to quit trying to hide your emotions.  You should start expressing how you really feel about Intuit 😁


Ukraine - hang in there
TaxGuyBill
Level 15

@IRonMaN wrote:

Bill - you need to quit trying to hide your emotions.  You should start expressing how you really feel about Intuit 😁


If I said what I really thought of Intuit, I would probably be banned for life from the forum.   🙂