Can I include Simple IRA Catchup to the annual maximum for an employees deductions and contributions (Annual max $16,000 + Catchup $3,500 = $19,500)?

I've got you steps on how you can account for Simple IRA Catch-up in QuickBooks Online Payroll (QBOP), mahollis.

You can include Simple IRA Catch-up to employee's annual maximum deduction and contribution if they've already met the threshold of $16,000 (for 2024). In QBOP, only one deduction type is allowed per retirement plan. So, if you still want to make the said update to your employee's payroll information, you'll have to delete the current plan (Regular Simple IRA) and add a new one (Simple IRA Catch-up).

To delete a payroll deduction item, here's how:

1. Go to Payroll, then Employees.
2. Select your employee.
3. From Deductions & contributions, select Start or Edit.
4. Click the trash bin icon next to the deduction you want to remove.
5. Select Delete, then Done.

After that, set up a new deduction item for Simple IRA Catch-up. Follow these steps to do so:

1. Go to Payroll, then Employees.
2. Select your employee.
3. From Deductions & contributions, select Start or Edit.
4. From the Deduction/contribution dropdown, select + Add deduction/contribution.
5. From Deduction/contribution type, select Retirement plans.
6. From Type, select Simple IRA Catch-up.
7. Add a Description. This is the deduction or plan name. Appears on paychecks.
8. Select how your deduction is calculated. Then enter the amount or percentage.
9. Click Save, then Done.

Moreover, you can create a summary report if you wish to view your employees' totals and other payroll-related data. To guide you through the process, check out this article: Create a payroll summary report in QuickBooks.

Don't hesitate to drop a comment below if you need help managing your employees' payroll deductions and contributions. Know that I'm always ready to assist you further.