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 Replies 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.  

I'm keeping this job. But I am selling surplus anvils on the side. If you are interested please call 867-5309
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. 

I'm keeping this job. But I am selling surplus anvils on the side. If you are interested please call 867-5309
TaxGuyBill
Level 14

@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 😁

I'm keeping this job. But I am selling surplus anvils on the side. If you are interested please call 867-5309
TaxGuyBill
Level 14

@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.   🙂