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)?

Forum|Forum|3 years ago
March 27, 2023
1 reply
10 views

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?

ProSeries Professional

This topic has been closed for replies.

Best answer by GodFather

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.

GodFather

Answer

Intuit Community Champion

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.

T

ToniMAuthor

Level 3

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

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