Solved
When the %$*@# is Intuit going to allow people over 50 to contribute the extra money ($6000 for 2019; $6,500 for 2020) to their 401k?
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There's a different way of setting up 401(k) Catch-up, craibuc.
The default limit for 401(k) is $19, 500. For employees over 50 years, we can set up 401(k) Catch-up for the additional $6, 500 for a total of $26, 000, which is the limit for the year 2020.
401(k) and 401(k) Catch-up are two different payroll items. The screenshot you've provided is only for 401(k). You can follow these steps to add 401(k) Catch-up:
- On the employee profile, click +Add a new deduction.
- Select Deduction/contribution > New deduction/contribution > Retirement Plans > 401(k) Catch-up.
- Enter the other details needed, click OK to save.
You can also read this guide about payroll: Payroll 101.
Comment again if you have other concerns. I'll be here!