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Big-Al
August 26, 2022
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Question on deduction for IRA match

  • August 26, 2022
  • 1 reply
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Question on the Simple IRA match setup:  our system was set up for a dollar for dollar match up to 3% but in the system it just said 3%, so even if the employee is contributing less than 3%, QB calculates 3% as the company match portion.  Because of turnover of some personnel, QB is currently unwilling to answer questions about Payroll issues because no one currently here is listed as Primary Admin on the system ... we are trying to get that resolved, but in the meantime, I'm hoping someone can assist with IF the system can handle a formula that says (in effect) match the employee contribution but only up to a max of 3% instead of giving everyone 3% even if they contribute less than 3%.  

 

Thanks in advance for any assistance. 

 

(PS .... Intuit/QB help in updating the administrator is a convoluted and tedious process taking excessive time and they are less than helpful.  Really bad customer service.)

    Best answer by KlentB

    Hi there, Big-Al
     

    I understand that the process hasn't been easy for you. When reaching out to us, our representative will normally request to converse with the master admin for verification purposes if you're not on the contact list. 

     

    After providing the documents stating that you have rightful ownership of the account. Our team will review your request within three business days and will notify you via email if we're able to approve the request. To learn more about this topic, you can read these articles:

     

    Going back to your question, if you used the standard setting or EZ Setup, the default rate for Simple IRA is 3%. For custom setup, the rate you've entered will be the default rate for the item when added to your employee records. QuickBooks will use this number when calculating the contribution every time you run payroll. You may check this reference for more details: Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.).

     

    I also included this link that will guide you in setting up and paying payroll liabilities in QBDT: Set up and pay scheduled or custom (unscheduled) liabilities.

     

    Don't hesitate to add a reply below if you need more help in dealing with your other payroll tasks. I'll always have your back.

    1 reply

    KlentB
    KlentBAnswer
    August 27, 2022

    Hi there, Big-Al
     

    I understand that the process hasn't been easy for you. When reaching out to us, our representative will normally request to converse with the master admin for verification purposes if you're not on the contact list. 

     

    After providing the documents stating that you have rightful ownership of the account. Our team will review your request within three business days and will notify you via email if we're able to approve the request. To learn more about this topic, you can read these articles:

     

    Going back to your question, if you used the standard setting or EZ Setup, the default rate for Simple IRA is 3%. For custom setup, the rate you've entered will be the default rate for the item when added to your employee records. QuickBooks will use this number when calculating the contribution every time you run payroll. You may check this reference for more details: Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.).

     

    I also included this link that will guide you in setting up and paying payroll liabilities in QBDT: Set up and pay scheduled or custom (unscheduled) liabilities.

     

    Don't hesitate to add a reply below if you need more help in dealing with your other payroll tasks. I'll always have your back.

    B
    Big-AlAuthor
    August 29, 2022

    The problem on changing the Primary Admin was that the former admin was terminated, and then it was discovered that she had listed herself as Owner, and when the real owner tried to change the Admin, he was given a long runaround, he completed the paperwork and submitted it, and waited 3 weeks for someone to notify him with no response.  When he called, everyone claimed to know nothing about it and couldn't fine any paperwork.  Eventually they found it and then told him it didn't include everything, so he had to go through it all again.  

     

    When that was all done, we tried to ask a question about Payroll, and were then told that Payroll had a separate Admin, and no-one here was listed as Payroll Admin, so we are now waiting for that to change so we can discuss Payroll issues.  Assuming that this paperwork won't be lost.  I'm sorry, it's just so frustrating.

     

    Thank you for the info on IRA.  It sounds like we will eventually need to have admin rights to get into the Payroll setup area to change some of the settings, so we are waiting for approval on that.

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