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January 2, 2025
Question

Payroll Contributions

  • January 2, 2025
  • 1 reply
  • 0 views

When will QBO be updated to allow for Post-Tax contributions to a SIMPLE plan?

1 reply

January 2, 2025

I am glad to have you here in the Community, @winplumb12. It’s wonderful that you’ve chosen QuickBooks as your trusted tool for handling payroll tasks.

 

In QuickBooks Online (QBO), a Simple IRA contribution is pre-tax, meaning it's deducted from your paycheck before other taxes and deductions are applied. This approach lowers your taxable income for the current year, which could save you money now; however, you will be subject to taxes when you withdraw the funds during retirement. Currently, QBO does not have a timeline for when Simple Roth IRAs, which involve after-tax contributions, will be supported.

 

If you encounter issues with unsupported retirement plans, I suggest contacting our Payroll Support team for help managing these contributions and deductions in QuickBooks Online.

 

Here’s how you can reach out for support:

 

  1. Log into your QuickBooks Online account.
  2. Click the (?) Help icon in the upper right corner of your screen.
  3. In the Search tab, enter your issue.
  4. Hit on Contact Us and select chat or phone support.

 

If you need assistance making adjustments to your deductions or contributions in QuickBooks Online, refer to this helpful article: Set up or change a retirement plan.

 

Additionally, you can monitor your contributions or deductions by generating reports within the program. For reference and future use, bookmark these resources: Run payroll reports in QuickBooks Online Payroll.

 

We're here to assist with any additional questions you have concerning the management of your Simple IRAs. Feel free to reach out in the Community anytime. Stay safe and take care!