Answered: Re: When will the Tax Planner Worksheet increase the IRA Contribution allowed for 2023 to be $6,500 (and $7,500 for those 50 or older)?

ToniM · ‎03-26-2023

In preparing the 2023 and 2024 estimates from the Tax Planner Worksheet, the software continues to use $6000 for an IRA contribution or $7000 for those 50 and older.
When will the software be updated?

GodFather · ‎03-27-2023

It should be changed but I imagine that is a low priority for them. Not suggesting it should be low. At this point in the season you would think that would already have been updated. With that said, the $500 difference is not going to impact that calculation significantly. Maybe provide the estimate the planner indicates and just let the client know that it is an approximate tax.

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GodFather · ‎03-27-2023

It should be changed but I imagine that is a low priority for them. Not suggesting it should be low. At this point in the season you would think that would already have been updated. With that said, the $500 difference is not going to impact that calculation significantly. Maybe provide the estimate the planner indicates and just let the client know that it is an approximate tax.

ToniM · ‎03-28-2023

I agree with you. I did manually calculate with the increase. Just took extra time at a busy time. Thanks for your reply

When will the Tax Planner Worksheet increase the IRA Contribution allowed for 2023 to be $6,500 (and $7,500 for those 50 or older)?

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