8962 incorrect

[kathyc2]

The form is pulling in the FLP for prior year.  Example one person and it is showing 12,880 instead of the correct 13,590.

[kathyc2]

Never mind....  I figured out why it hadn't updated.

[rbynaker]

Hi Kathy!  Welcome to the asylum (I've seen you on TTB).  TaxGuyBill is here too.

ProSeries is notoriously slow at updating inflation adjustments.  In most years the 401(k)/SEP limits are not correct until late January.  Looks like they're having the same problem this year with FPL.

I have no idea why it's like this.  There's certainly plenty of lead time, these numbers come out a year in advance (in fact, they could start working on the TY2024 software and update the FPL to $14,580 while they're at it).

Support is not much help with these things either (there's nothing they can do until the programming gets updated) so you're stuck just waiting until it gets fixed, hopefully before 1/29.

Rick

[rbynaker]

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@kathyc2 wrote:

Never mind....  I figured out why it hadn't updated.

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Ah.  Were you in the wrong tax year or maybe missing an update?

[kathyc2]

No, I had been using "update installed products" and it doesn't appear it was updated.  When I chose "refresh updates for installed products" it worked.  Go figure....

[TaxGuyBill]

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@rbynaker wrote:

ProSeries is notoriously slow at updating inflation adjustments.  In most years the 401(k)/SEP limits are not correct until late January.  Looks like they're having the same problem this year with FPL.

I have no idea why it's like this.  There's certainly plenty of lead time, these numbers come out a year in advance

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It is generally because ProSeries doesn't program according to tax law.  They program things according to the final form and instructions.  So until the IRS finalizes the form and instructions, the program generally still uses the prior year information.  And even then, it often takes Intuit couple of weeks for them to get around to it after the IRS finalizes things.