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readytoretire
June 10, 2024
Question

401k Compensation Calculation

  • June 10, 2024
  • 1 reply
  • 0 views

We have a 401k with safe harbor matching contributions. Our plan is set up for deferrals and matches to be calculated on adjusted gross income (as shown on the payroll summary, after pre-tax health, dental, vision, etc) but our payroll items for the 401k deferrals and match, calculate on the gross income of the employee. Is there a fix for this?

 

Appreciate any guidance!

1 reply

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DebSheenD
June 10, 2024

I noticed a similar question about consolidating your 401k was also asked in another thread recently, @readytoretire.

 

I can share a direct link to that conversation where my colleague provided a detailed response: https://quickbooks.intuit.com/learn-support/en-us/employees-and-payroll/re-safe-harbor-401k-er-match/01/1451744#M129273

 

The Community is always available to help with any QuickBooks-related questions. Just let us know if there's anything else we can assist you with.

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readytoretireAuthor
June 12, 2024

I'm afraid that link just took me back to this conversation.

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Erika_K
June 12, 2024

Thank you for taking the time to inform me about the need for an updated link, readytoretire. I'll be here to provide the corrected one so you can manage your payroll items accurately.

 

To view the response directly, you can check this link:  https://quickbooks.intuit.com/learn-support/en-us/employees-and-payroll/re-safe-harbor-401k-er-match/01/1451744/highlight/true#M129273.

 

For future reference, I have included some articles that can help you get familiar with QuickBooks and make the most out of it for your business. You can check them out here: QuickBooks Tutorials. 

 

You're always welcome to comment on this post or the forum if you require additional information about handling 401k compensation calculation, readytoretire. I'm here to lend a hand. Take care always! 

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