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How do I setup a Roth IRA for the Oregonsaves program?

 
3 Comments
QuickBooks Team

Re: How do I setup a Roth IRA for the Oregonsaves program?

You've come to the right place, Tommys.

 

I've got just the steps that'll help set up the Roth IRA. Let me walk you through the process:

 

Set up Deductions & Contributions

  1. Go to the Employees tab.
  2. Select the employee's name.
  3. In the Deductions & Contributions section, click Edit.
  4. Select Add a Deduction.
  5. Choose the following options in these drop-down menus:
    - Deduction: Select New Deduction.
    - Category: Pick the Retirement Plans option.
    - Type: Select After-tax Roth 401(k).
  6. Enter the Provider and Amount per period.
  7. Click Save.

For future reference, I'm also including this article: Set up a Roth 401(k) plan

 

That should do it. Let me know if you need further assistance with this, or if there's anything else I can do for you. Have a great day!

Active Member

Re: How do I setup a Roth IRA for the Oregonsaves program?

Oregon saves is not a 401k, it is just a Roth IRA. as long as it it treated correctly for taxes and the w2 is not to confusing. Has anyone tried this and satisfied with the result?

Moderator

Re: How do I setup a Roth IRA for the Oregonsaves program?

Thank you for joining the thread, @vdei.

 

I'm glad you've shared your thoughts about the OregonSaves setup on this thread. Allow me to step in and help provide clarification about this.

 

You are right about this being different from the Roth401(k). The Tax Tracking type for the OregonSaves should be set to None so that the amounts do not report on tax forms. You can refer to this article for the complete steps in setting this retirement plan in QuickBooks Desktop: Set up OregonSaves (OR Mandated Retirement Plan).

 

That should do it. Please let me know if you have additional questions about the OregonSaves setup. I'm here to help.