Submitted by ghaber on 11-19-2020 03:16 PM
I have been using ProSeries since it was owned by ChipSoft, despite its failure to treat professional tax preparers appropriately. There is apparently an error in the 2020 program that limits the SEP deduction to $56,000 (the 2019 maximum). According to the IRS website, the maximum for 2020 is $57,000:
SEP Contribution Limits (including grandfathered SARSEPs)
Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of:
1. 25% of the employee's compensation, or
2.$57,000 for 2020 and $58,000 for 2021 ($56,000 for 2019)
I spent 45 minutes trying to do this on the phone with Intuit, but was told that I had to submit an "idea". Is trying to correct an apparent error an idea?
For years I have been lobbying to have a separate phone number for tax professionals, many of which, like myself, would be willing to pay for the service, rather than spend endless amounts of time waiting to speak to someone who, frequently, is not capable of answering a complex question. Okay, that's an idea!
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