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goose406
Level 2
January 18, 2021
Question

2020 solo 401(K) contribution limits incorrect on Keogh/SEP/Simple Worksheet?

  • January 18, 2021
  • 1 reply
  • 11 views

The 2020 maximum 401K (solo) contribution limits are 19,500 plus 6,500 catch-up for those 50 and over.  The 2020 ProSeries Professional 1040 version worksheet is showing limits of 19,000 and 6,000, respectively.  When is this fix anticipated?

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    1 reply

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    January 18, 2021

    Its been asked about several times now, heres the latest

    https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/deductible-simple-contributions-for-sole-proprietor-2020-program/00/115830

    Update hopefully by the end of the month.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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