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C
CBTR
March 2, 2023
Question

SEP IRA

  • March 2, 2023
  • 1 reply
  • 0 views

We are in the process of setting up SEP IRA's for our 2 employees. I started the setup in Quickbooks for their contributions. Their last paycheck shows a contribution was made to their SEP but we have not contributed yet. The contribution is showing up in our P&L and I cannot see how to delete it since it never actually happened.

1 reply

A
AbegailS_
March 3, 2023
This post has been deleted.

Hi there, @CBTR .

 

The steps provided by Shelby can help you remove the erroneous contributions from your  Profit and Loss statement.

 

You can refer to this article for more info about retirement plan deductions and contributions in QBO. It contains the steps on how to set it up, etc.: Things to learn about retirement plan deductions and contributions in QBO.

 

I've also added this link to know the different retirement plan contribution limits: Understand retirement plan contribution limits.

 

You'll also want to learn on how to make payroll tax payments in QBO. This is to prevent penalties due to late payments. For more details, please refer to this article: How to make payroll tax payments.

 

Fill me in if you have more questions about managing your SEP-IRA plans in QBO. I'd be glad to help you some more. Take care and stay safe.

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