Skip to main content
A
allendhoekod
May 30, 2023
Solved

The simple ira max annual contribution for employees over 50 should be $19K instead of $15.5K. How do I get Intuit to fix this? This is common knowledge.

  • May 30, 2023
  • 1 reply
  • 0 views
I have a SIMPLE IRA plan for my office. The max annual contribution box for my over 50 year old employee says $15.5K when it should say $19K. This is common knowledge and such info is contained within a table on your own site in the support article "Understand retirement plan contribution limits". I've called twice to get this fixed. What is it going to take to get this fixed? This should be very simple. I need it fixed for this employee so she can contribute the full $19K to her SIMPLE IRA.
Best answer by ChristineJoieR

I understand your point about the maximum contribution for retirement plans, @allendhoekod. I'll show you the option to choose the exact plan type for your employee in QuickBooks Online Payroll.

 

Yes, I agree with you that employees' annual retirement plan limit of more than 50 years old should have a maximum contribution of about 19k. Thus, I'll walk you through where to find it in QuickBooks Online Payroll.

 

Let's get started here:

 

  1. Go to the Payroll tab.
  2. Choose the Employee section and locate or add the employee you want to modify.
  3. Next, add or edit contributions from the Deduction & Contribution.
  4. From the Deduction & Contribution Type tab, choose a retirement plan.
  5. This time, choose the Simple IRA catch-up from the drop-down, and you'll notice the Annual maximum limits that appear as 19,000.
  6. Lastly, choose other required details from the drop-down and then Save.

 

I'm also adding this screenshot below for your reference:

 

Furthermore, you can check this article for more information about retirement plan limits: Understand retirement plan contribution limits

 

I'm entrenching for your success in getting this resolved, @allendhoekod. Please don't hesitate to mention me in the comment section below. I'll make sure to get back to you as soon as possible. We thank you for dealing with QuickBooks. Have a good day, and be safe!

1 reply

C
ChristineJoieRAnswer
May 30, 2023

I understand your point about the maximum contribution for retirement plans, @allendhoekod. I'll show you the option to choose the exact plan type for your employee in QuickBooks Online Payroll.

 

Yes, I agree with you that employees' annual retirement plan limit of more than 50 years old should have a maximum contribution of about 19k. Thus, I'll walk you through where to find it in QuickBooks Online Payroll.

 

Let's get started here:

 

  1. Go to the Payroll tab.
  2. Choose the Employee section and locate or add the employee you want to modify.
  3. Next, add or edit contributions from the Deduction & Contribution.
  4. From the Deduction & Contribution Type tab, choose a retirement plan.
  5. This time, choose the Simple IRA catch-up from the drop-down, and you'll notice the Annual maximum limits that appear as 19,000.
  6. Lastly, choose other required details from the drop-down and then Save.

 

I'm also adding this screenshot below for your reference:

 

Furthermore, you can check this article for more information about retirement plan limits: Understand retirement plan contribution limits

 

I'm entrenching for your success in getting this resolved, @allendhoekod. Please don't hesitate to mention me in the comment section below. I'll make sure to get back to you as soon as possible. We thank you for dealing with QuickBooks. Have a good day, and be safe!

    A
    allendhoekodAuthor
    June 1, 2023

    Thank you so much. I can't believe I simply didn't scroll down far enough to see it. Should have started here instead all the time I spent on the phone with a couple of different, very polite support staff who couldn't figure it out. Thanks again. You are the greatest.

      Q
      QueenC
      June 1, 2023

      You're most welcome, @allendhoekod! 

       

      I appreciate your taking the time to let us know that the solution given by my colleague was able to help you. Truly, we can fathom any circumstance if we will work as a team. It's always our pleasure to help you with all your QuickBooks-related tasks and make sure you'll get assistance whenever you need it.

       

      As always, the Community is brimming with professionals who are knowledgeable in every aspect of QuickBooks, so if you need anything, don't hesitate to contact us here. We're always happy to help you along your road to victory. Wishing you and your business continued success!

      Terms & ConditionsAccessibility statement