How to get Lacerte to calculate maximum SEP contribution with Catchup

[willatbird]

Maximum SEP contribution is $58,000 with optional $6,500 catch up if over 50.  How do I get Lacerte to calculate/allow the additional $6,500?

[George4Tacks]

I know this sounds like stupid question, but do you have the correct date of birth in Screen 1?

[joshuabarksatlcs]

Off the top of my head, SEP IRA's don't get the catch-up.  SARSEP, 401(K), 403(b) do.  No research here.  Look into it

[qbteachmt]

"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. $61,000 for 2022 ($58,000 for 2021 and $57,000 for 2020)

Note: Elective salary deferrals and catch-up contributions are not permitted in SEP plans."

From: https://www.irs.gov/retirement-plans/plan-participant-employee/sep-contribution-limits-including-gra...

[willatbird]

You mean to say "don't believe everything you read"?

https://www.entrepreneur.com/article/358668#:~:text=The%20IRS%20increased%202021%20contribution,cont....

Thanks y'all. Took me a bit to get back here. I kept getting error messages.

[qbteachmt]

The second sentence of that article is not specific, unfortunately. It is stated generally, but that doesn't apply to both account types stated in the first sentence. At least they didn't clearly state an error. I would call it error by omission.

Things often are poorly written nowadays. I am amazed at how many listings I see in magazines or on the local news, in their "calendar of events" sections, where there is no location or perhaps no time given, for the events being promoted.

I thought the quote is: "Don't believe everything you read on the internet." Quoting Abe Lincoln.