Why is the 401K catchup limit in QB payroll for 2024 set to $30,000 - that is 2023's limit....so QB has been wrong for 12 months? It should be $30,500?

Ensuring precise financial alignment is key to your business's prosperity, Pixidoc. Just as it's important for you, having an accurate 401(k) catch-up limit is essential for me too, as it guarantees that all contributions accurately reflect the latest figures. I'll share details of how this works within the program and direct you to the specialized team best suited to handle your situation.

QuickBooks Online Payroll is designed to comply with IRS regulations and automatically update its contribution limits based on IRS announcements. The contribution limit for 401(k) catch-up in the program for individuals under age 50 is $23,000, while for individuals aged 50 and over, the total limit is $30,500, which includes a catch-up contribution of $7,500.

I've included a screenshot for your reference:

Since you are currently seeing a limit of $30,000, which corresponds to the 2023 figures. I recommend contacting our Live Support team to report this issue. They have the expertise and tools to investigate the situation thoroughly and provide you with the necessary troubleshooting steps to resolve it effectively.

To contact our support team, please log in to your QBO account using a web browser. Then, follow the steps below to get in touch with them.

1. Go to the Help menu at the upper right.
2. Choose the Search tab.
3. Select Contact Us at the bottom of the screen.
4. In the Ask about something else section, enter your concern.
5. Hit on Continue and choose a way to connect with us.

For a more detailed overview of the QBO payroll retirement plan deduction limit for this year and the upcoming year 2025, please refer to this article: Set up or change a retirement plan. This resource provides valuable insights into the adjustments made under the Secure 2.0 Act and how they affect contribution limits for retirement plans.

Additionally, I'll share this informative article for future reference. If you need to modify or delete employee-paid payroll deductions in QuickBooks Online (QBO) payroll: Set up, change, or delete employee-paid payroll deductions.

We appreciate your diligence in staying informed and ensuring everything runs smoothly within your payroll system. Thank you for allowing us to assist you in correcting this matter. If you have any further questions or need additional assistance with your retirement contributions in QBO. Get back on this channel, my team and I are always here for you.