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November 6, 2024
Question

Simple IRA Max

  • November 6, 2024
  • 1 reply
  • 0 views

Our simple ira deduction indicates $19500 max per year but under secure 2.0 that rises to $21450 for over 50 year olds. Howe do I adjust this?

1 reply

Candice C
November 6, 2024

Good morning, @plk455

 

Welcome to the Community! 

 

I can see how beneficial the option to adjust Simple IRA to your required amount is for your business. However, we don't have an exact time frame for the implementation. Since there isn't an option to accomplish this, we recommend consulting with your tax proadvisor so they can guide you on how to track the change outside. 

 

Additionally, you can check this page to help you manage contributions inside QBO: Set up or change a retirement plan.

 

I hope this helps answer your question. If you have any other questions, don't hesitate to ask. Have a great day!