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chaitanya-kodela
Dec 4, 2023 6:42 AM UTC
Question

How do we do catch up contributions to a SEP IRA ? Do not see SEP IRA in the drop down where I see Simple IRA and SARSEP, but not SEP IRA.

Additional context - the SEP IRA was opened when I was working for a previous employer, now that I own a company and draw a salary from it, I'd still like to contribute as Employer to the SEP IRA that is already open previously.

1 reply

Rubielyn_J
Rubielyn_J
Dec 4, 2023 8:08 AM UTC

Hi there, Chaitanya.

 

Allow me to share insights about setting up contributions in QuickBooks Online. 

 

Currently, the SEP IRA isn't available in QuickBooks Online. That said, I recommend reaching out to the IRS or a financial advisor to explore the best retirement plan options suitable for your current situation as a business owner. They can guide you in setting up a retirement plan that aligns with your needs and allows for employer contributions.

 

You can also review this resource to help you set up a retirement plan deduction or a company contribution in QuickBooks Online Payroll: Set up or change a retirement plan.

 

In addition, I will provide you with the following articles that offer guidance on handling your payroll transactions in QBO:

 

 

Please feel free to reach out if you have any further questions about adding contributions to QBO. I'm here to ensure you secure your financial and retirement savings. 

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