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Sam Gregory1
September 9, 2024
Question

Is there an updated timeline on when Secure 2.0 changes in payroll will be rolled out? In particular, changes to the increased contribution limits?

  • September 9, 2024
  • 1 reply
  • 0 views
Original commenter did not share additional details

    1 reply

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    IrizA
    September 9, 2024

    I can share some information regarding contribution limits, Sam.

     

    Since the Secure 2.0 Act became law in 2022, the maximum contribution limits will change yearly. QuickBooks Online (QBO) Payroll also updates its 401(k) and other retirement plans recognized by the IRS, as well as the contribution limits by these changes.

     

    If you want to edit or set up your retirement plans and contribution limits, you can follow these steps:

     

    1. Go to the Payroll menu, then choose Employees.
    2. Select the employee's name.
    3. Scroll down and click Edit.
    4. From the Deductions and Contributions section, you can locate the deduction or contribution that needs to be edited or click the + Add deduction/contribution.
    5. Press the pencil icon.
    6. You can now edit the Annual maximum.
    7. Click Save once done.

     

    To learn more about how to set up or edit your deductions and contributions, kindly refer to this article: Set up or change a retirement plan.

     

    Please let me know if you have additional questions regarding contribution limits, Sam. We'll be around to help you.

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    Sam Gregory1Author
    September 9, 2024

    Thank you for responding and providing suggested instructions to adjust the Annual maximum.  The problem I am having is the Annual maximum data field is grayed out and can't be edited from my side.  I am under the impression that this number is hard coded and must be adjusted from the back side. What am I missing?

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      JorgetteG
      September 9, 2024

      I appreciate the actions you have taken and your follow-up, Sam.

       

      Currently, the maximum contribution/deduction limit for a SIMPLE IRA in QuickBooks Online is set as default, and manual editing or updating is unavailable.

       

      While we're unable to provide a specific timeline for implementing the Secure Act 2.0, please be assured that we are committed to complying with the IRS regulations, and necessary changes will automatically be reflected in the system.

       

      For more information regarding contribution and benefit limits, please visit the following link: Retirement Topics- Contributions. 

       

      Additionally, you might find it helpful to explore the forthcoming changes and new offerings by referring to this resource: SECURE Act 2.0: Small Business Owner Guide and Key Retirement Changes.

       

      We're here to assist you with other payroll concerns, including managing payroll deductions, payroll reports, or related matters. Just leave a comment below, and we will promptly assist you.

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