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Candice4
September 29, 2022
Question

I set up an automatic deduction to go to a pre-existing IRA. How do I get the deducted funds to the IRA account?

  • September 29, 2022
  • 1 reply
  • 0 views
Quickbooks has not asked for account numbers or IRA info. Is there a way to link that information so that the funds automatically go over?

    1 reply

    katherinejoyceO
    katherinejoyceO
    September 29, 2022

    Thanks for coming to the Community for your IRA concern, @andice4. 

     

    When creating a deduction for a retirement plan in QuickBooks, the plan you choose will automatically create a company contribution item that will be used if needed. 

     

    Please know that after-tax Roth 401(k) and 403(b) contributions are not available as company contributions through our service because the entire contribution must be paid and reported separately through the provider, not through the same account as the employee after-tax deduction funds.

     

    Fro further insights, you can visit this article: Recording a SEP IRA contribution.

     

    I also recommend checking this link to get more ideas on setting up a retirement plan deduction to track and tax it appropriately.

     

    Keep in touch if you have additional concerns about IRA. I'll be here to guide you again.

    A
    AudioEdge
    March 13, 2024

    I have not seen an answer to his actual question. I also am in need of assistance here. I setup a traditional IRA in quickbooks, did the contribution amounts, everything is set....but it never asked me for my Fidelity account info for the deductions and contributions to be sent to that account?

    C
    CamelleT
    March 13, 2024

    I can shed some light on the traditional IRA you set up in QuickBooks Online (QBO), Audio.

     

    QBO doesn't support direct payment for IRA plan deductions and contributions. Therefore, we will not ask for your bank information for this purpose. You'll need to pay your provider directly. However, you can use QBO to keep track of your payments. Please refer to the steps below:

     

    1. Click + New and choose Check.
    2. From the Payee dropdown, choose the vendor.
    3. On the Bank Account dropdown, select the account you use for liability payments.
    4. Enter the Payment date and Check no..
    5. From the CATEGORY dropdown, tap the account you use to track your liability payments, then enter the amount. If you have sub-accounts for each agency you are paying, ensure to select those specific accounts and enter the appropriate amount for the agency. If you're not sure which account to select, check your payroll accounting preferences setup:
      1. Go to Settings, then Payroll settings.
      2. Select Edit in the Accounting section.
    6. Fill in the rest of the check and hit Save.

     

    You can also generate a payroll summary report to view your deductions and contributions. 

     

    I'll be adding this article to help you personalize the layout of your financial reports and filter to show specific accounts or customers: Customize reports in QuickBooks Online. 

     

    Feel free to add a reply if you have other concerns about managing retirement plan deductions. I'll be around to guide you. 

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