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susan-estes
January 6, 2023
Question

Retirement Plan deferrals

  • January 6, 2023
  • 1 reply
  • 0 views

The salary deferral agreement form provided by our 401(k) plan provider allows employees to elect different deferral percentages for regular paychecks vs. bonuses vs. commissions. I don't see in Quickbooks how it is possible to set up different deferral rates by compensation type. It looks to me like it is only possible to have one set deferral rate. Is this correct?

1 reply

S
SarahannC
January 6, 2023

Hello there, susan. Thanks for posting your concern here. 

 

Yes, you're right. The system won't be able to set up different deferral percentages. I know how important to record this in QuickBooks accurately. 

 

For now, I'd recommend consulting a QuickBooks accountant to learn the other way of handling this in QuickBooks. Also, we can reach out to IRS for further assistance and ensure we record different deferral rates by compensation type. Please visit our Intuit Find-A-ProAdvisor site to find certified professionals near you.

 

We can check these articles for additional insight into tracking retirement plans in the program.

 

 

You can always add another post below if you have more concerns about recording data in your payroll service. I'll be around to help in any way that I can. 

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