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October 15, 2024
Question

My limit for 401K contributions didn't automatically increase in QB when I turned 50. It also won't let me go in and manually increase it.

  • October 15, 2024
  • 1 reply
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1 reply

October 15, 2024

Thanks for reaching out to the Community, HJB311.

 

If you need to catch up on a contribution, you can create a 401(k) catch-up, instead of editing your existing 401(k).

 

Here's how:
 

  1. In the left navigation bar, go to Payroll, then Employees.
  2. Find your employee and access their profile.
  3. From the Deductions & contributions section, click Edit or Start.
  4. Use your Deduction/contribution type ▼ drop-down list and choose Retirement Plans.
  5. For Type, pick an appropriate retirement plan. If you need to track a company-only contribution with no employee match, choose Company-only plan.
  6. Enter the name of the provider or plan in your Description (appears on paycheck) field and complete the remaining fields.
  7. If you have a company match, under Company contribution, use your drop-down list to specify how you want to calculate the amount. Complete your new fields to enter the amount or percent per paycheck and annual maximum.
  8. When you're finished, select Save, then Done.

 

I've also included a detailed resource about working with retirement plans which may come in handy moving forward: Set up or change a retirement plan

 

Please feel welcome to send a reply if there's any additional questions. Have a great Tuesday!