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Genissa Richardson
September 19, 2024
Question

Simple IRA Roth Contributions in QB Online

  • September 19, 2024
  • 2 replies
  • 0 views

My understanding is that the Secure 2.0 Act allows ROTH contributions via Simple IRA. But I cannot figure out how to set this up in QB online. There is no way to select after tax contributions. I saw a post from earlier this year (January I think) saying that Simple IRAs don't have a ROTH option, but I don't think this is correct. 

    2 replies

    A
    Aldren18
    September 19, 2024

    Your commitment to understanding the company contribution options in QuickBooks Online is commendable, Genissa. I'm here to provide you with the latest information regarding retirement plan contributions.

     

    QuickBooks Online (QBO) does not support Roth contributions for SIMPLE IRAs introduced by the SECURE Act 2.0. However, it offers several other retirement plan options that you can set up for your employees, including:

     

    • 401(k) / 401(k) catch-up
    • Simple 401(k) / Simple 401(k) catch-up
    • 403(b) / 403(b) catch-up
    • SARSEP / SARSEP catch-up
    • After-tax Roth 401(k) / After-tax Roth 401(k) Catch-up
    • After-tax Roth 403(b)
    • Company-only plan
    • SIMPLE 401(k) / SIMPLE 401(k) Catch-up
    • SIMPLE IRA / SIMPLE IRA Catch-up

     

    For comprehensive details on these retirement plans, I recommend checking out the article on how to set up or change a retirement plan in QuickBooks: Retirement plans in QBO.

     

    Additionally, consider exploring third-party applications available for managing Roth contributions. This approach allows you to benefit from Roth SIMPLE IRAs while utilizing QuickBooks for payroll and accounting.

     

    Furthermore, I've included these article that guides adding or changing employees' work locations in QBO Payroll to manage payroll and track your employee expenses. You can customize these reports to obtain the necessary information.

     

     

    Keep this discussion handy for future questions about retirement plan setups in QBO Payroll. Our team is here to ensure you have the support you need, and we’re eager to assist you whenever needed.

    C
    Ca47
    December 20, 2024

    Does QBO still not support Roth contributions for Simple IRAs introduced by the SECURE Act 2.0? 

    Candice C
    Candice C
    December 20, 2024

    Hey there, @Ca47. 

     

    Thanks for reaching out about Roth contributions for Simple IRAs in QuickBooks Online. I understand how helpful that feature would be for your business.
     

    While we don't currently offer that specific option, QuickBooks Online does support several other retirement plans to help you manage your contributions:

     

    • 401(k) / 401(k) catch-up
    • Simple 401(k) / Simple 401(k) catch-up
    • 403(b) / 403(b) catch-up
    • SARSEP / SARSEP catch-up
    • After-tax Roth 401(k)
    • After-tax Roth 403(b)
    • Company-only plan
    • SIMPLE IRA / SIMPLE IRA Catch-up
       

    You can learn more about these options here: Set up or change a retirement plan.


    We're always looking for ways to improve. Remember you can share your feedback any time:
     

    1. Go to the Gear icon and select Feedback.
    2. Enter your comments or product suggestions.
    3. Then select Next to submit feedback.


    If you have any other questions, please don't hesitate to ask! Have a great Friday!

    R
    RF30
    March 25, 2025

    Unfortunately, Quickbooks staff have been providing the wrong information about SImple Roth IRA and stating that it is not allowed by the IRs. We already have a SIMPLE ROTH IRA account thru our broker but have not been able to use it for our employees. I have been calling support frequently and can not get someone to understand the situation. As of 3/25/25, there is  no option in the deduction category for this. 

    In case anyone from the Quickbooks team is reading this , here is the information

    https://www.capitalgroup.com/advisor/news/roth-employee-deferrals-simple-iras.html

     

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