Question

Simple IRA catchup contributions

Forum|Forum|3 years ago
November 30, 2022
1 reply
0 views

I use QB online and have an employee over 50 years old who wants to contribute the max contribution towards our Simple IRA. Because he is over 50 he can contribute the annual maximum of $14,000 plus a catch up of $3,000 annually. However QB online stopped his contribution at the $14,000. Why is that and how can I change it so he can contribute the catch up contribution also?

QuickBooks Online Payroll

L

LeizylM

Hi there, aarondenny.

Allow me to share some information about the catch-up deduction item for the Simple IRA to QuickBooks Online Payroll.

When setting up a contribution for your employees, you'll have the option to set up its maximum amount limit. At this point, you'll want to review the setup. This way, QuickBook Online payroll will calculate its contribution.

I've attached a screenshot for your reference.

I'm adding these articles for your reference on how to set up the deductions in QuickBooks Online Payroll:

Also, this link will show you how to run payroll-related reports: Run payroll reports.

Should you need additional help in managing payroll contribution deductions or completing any task with QuickBooks, you can always find me here. I'm just one comment away.

A

aarondennyAuthor

I have noticed there was a box with an annual maximum amount under both the employee contribution and the employer contribution, however under the employee contribution it is greyed out and can not be edited. I followed you process and the links you provided and every time I get to the employee contribution part where I am setting up the contribution, the annual maximum limit is NOT editable but prefills as $14,000. The employer contribution has a maximum limit and I am able to edit that. I attached a screen shot showing this.

Let me know your thoughts on this.

R

rvrfrf

Thanks for getting back with the Community, aarondenny. I appreciate your screenshot.

I tested this out myself in our test drive account and can confirm the data in my Annual maximum field was pre-filled and not able to be edited.

Here's an image showing my experience:

I also tried deleting the deduction my annual maximum was attached to and noticed the Annual maximum field was still greyed out and pre-filled while trying to add a new deduction for that same employee.

Since your Annual maximum field is greyed out and pre-filled when trying to edit it, I'd recommend getting in touch with our Customer Care team. They'll be able to pull up the account in a secure environment, conduct further research with you, and create an investigation ticket if necessary.

They can be reached while you're signed in.

Here's how:

Use the Help (?) icon.
Click Contact Us.
Enter a description of your situation in the What can we help you with? field, then hit Let's talk.
Select Start messaging or Get a call.