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mike164
January 9, 2020
Question

How do I change the 401k contribution limit for an employee to include the catch up?

  • January 9, 2020
  • 1 reply
  • 0 views
It shows a maximum contribution of $19,500, but the employee is over 50, so it should be $26,000 (extra $6,500)

1 reply

AlexV
AlexV
January 9, 2020

We can add a new deduction, mike164.

 

You don't need to edit the 401(k) contribution you've already set up. Instead, we can set up a new contribution which is the 401(k) Catch-up. You can follow these steps:

  1. Go to Workers tab and select Employees.
  2. Select the employee's name, then Edit employee.
  3. On the deductions section, click +Add a new deduction.
  4. Choose Deduction/contribution > New deduction/contribution > Retirement Plans > 401(k) Catch-up.
  5. Enter the amount per pay period. Click OK to save.

You can also read these guide about retirement plans. These will give you more details on how to handle deductions/contributions.

Always keep in mind that QuickBooks Community Team is here to help you. Comment below if you need anything else.

R
rcpcnh
March 20, 2020

I followed these steps to add a new catch up item however I noticed when I filed W2 the catch up item is deducting from net pay instead of gross pay.   Any insight?

 

MJoy_D
MJoy_D
March 20, 2020

Hello, @rcpcnh.

 

I can see that you’ve posted this question a couple of times and my colleague already added an answer. If you haven’t notified with the response, check this link.

 

I'm always here if you need anything else. Have a wonderful day!

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