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KennyL
March 31, 2021
Question

Electronically pay SIMPLE IRA from desktop payroll

  • March 31, 2021
  • 2 replies
  • 0 views

Can payroll liabilities for SIMPLE IRA be paid electronically directly from QB desktop payroll?

2 replies

BettyJaneB
BettyJaneB
March 31, 2021

Hey there, @KennyL.

 

The system only allows you to pay the 940, 941/944 tax forms, and state electronically. Let me guide you on what's the best way to pay your payroll liabilities for SIMPLE IRA.

 

QuickBooks Desktop calculates the deduction for your IRA based on its type and rate. Thus, payroll liabilities for SIMPLE IRA need to be paid directly to your agency. 

 

To give you insights about the Simple IRA set up together with the taxes that can be paid in the system, you can always scan through these links: 

Know that you can always get back to me here in the Community if you have any other questions. I'll be around to lend a helping hand. Keep safe!

K
KennyLAuthor
April 1, 2021

Thanks Betty.  I didn't think it could be done, but had to ask.  I appreciate your quick response.

B
Beau Kramer
June 22, 2021

I have quickbooks online and wanted to find an electronic way to pay our SIMPLE IRA provider the funds.  I have their routing numbers and account numbers.  How do I set this up?

A
AbegailS_
June 23, 2021

Thanks for joining the thread, @Beau Kramer.

 

I'll be glad to share insights about paying your SIMPLE IRA provider. 

 

As of the moment, paying SIMPLE IRA electronically is not yet available. But you can pay for it manually. 

 

Let me show you how to set up Simple IRA in QuickBooks Online in a few clicks. Here's how:

 

  1. From the left menu select the Gear icon. ...
  2. Under Payroll, select Deductions / Contributions.
  3. Select Add a New Deduction/Contribution.
  4. For Category, select Retirement Plans.
  5. For Type, select the applicable retirement plan.
  6. Enter the name of the provider or plan.
  7. Select Ok.

 

You can also search for a third-party application that can help you pay for SIMPLE IRA electronically.

 

I

For more insights, read through this article to learn about retirement plan deductions/contributions in QuickBooks. 

 

Feel free to message again. We're always delighted to be of your service. Stay safe. 

 

 

R
rlm667
August 31, 2021

I have the IRA employee deductions set up as well as the Employer contributions. These are set up as short term liabilities. I need now to know how to send the amounts Contributed to the IRA manager with the information necessary so the manager can properly deposit the contributions in the correct accounts. We have 8 employees and of course, the amounts contributed are different for each employee each payroll. I have routing and account numbers for each employee from the IRA management company.

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