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IamJeffEvans
January 31, 2025
Question

Schwab Roth IRA - Direct Deposit

  • January 31, 2025
  • 1 reply
  • 0 views

Hi everyone!

I work for a church and am setting up a Roth IRA through Charles Schwab for my retirement plan. I'm looking for a way to automate contributions directly from my paycheck. Ideally, I’d like a fixed amount to be deducted and deposited into my Roth IRA each pay period.

 

We initially tried setting it up as a “Deduction” in QuickBooks, but that didn’t work. I can add my Schwab account as a secondary direct deposit and send the desired amount there. However, I’m concerned about whether that method might cause tax issues.

 

Any advice or guidance would be much appreciated. Thanks in advance!

1 reply

C
CamelleT
January 31, 2025

I understand that you would like to set up automatic contributions from your paycheck directly into your Roth IRA every pay period, Jeff. Let me provide you with the latest information regarding this process.

 

QuickBooks Online (QBO) currently doesn't support Roth contributions for Simple IRA. With that, I suggest sending your feedback about this to our product engineers. This input is crucial for enhancing user experience. Here's how you can send one:

 

  1. Sign in to your QBO account.
  2. Click the Gear icon and select Feedback.
  3. Enter your product suggestions in the designated field.
  4. Hit Next to submit.

 

Additionally, I'll share this resource to guide you in modifying employee-paid deductions in QBO: Set up, change, or delete employee-paid payroll deductions.

 

If you have other questions about handling payroll deductions in QBO, click the Reply button below. Our team is always available to assist.

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