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Has anyone else noticed that QuickBooks did Not update the 401K contribution limits for 2022? I wonder why and were there any other items not updated.
Thank you for bringing this to our attention, @kheddin.
I have several ways of resolving your concern with 401 (K) in QuickBooks Enterprise Suite. First, let’s download the recent tax table to get the latest data.
Here’s how:
Refer to this article for more information: Get the latest payroll tax table update
Next to it, let’s proceed with updating your QuickBooks Desktop. This ensures that you have the latest features and necessary fixes. The steps are outlined below:
Close and then reopen QBDT once the update is finished to ensure no other apps are affected by the process. Click Yes to install the updates. Then restart your computer to update the system and apply all necessary fixes.
Further details are outlined in this article: Update QuickBooks Desktop
In addition, you might want to check out this article for the latest retirement plan contribution limits: Understand retirement plan contribution limits.
Let me know if you have further concerns with payroll. The Community always has your back. Have a great day!
@kheddin We, too noticed that our 401K information did not update; we updated that manually. If you are using Assisted payroll, Intuit is supposed to take liability for any missed taxes; however, you must run your reports and keep track (not blindly trust) that they are being paid :D
Cheers,
RhondaL
Limits on existing deductions, like a 401k deduction, are not maintained by the tax table. They're custom limits you enter, presumably the same or smaller than that allowed by law.
If I remember, the easy payroll item setup feature sets defaults for new items, but they're not updated later, for several reasons. For example, your plan limit may be smaller than the limit generally allowed.
Instead, when you want to update the limit, edit the payroll item and change it there. Note that if you have limits entered on the employee records as well, and they are smaller, those limits will be used instead of the limit on the payroll item. So, if you want all employees to use the same limit, enter it only on the payroll item and delete it from each employee.
@RoseJillB Updating QuickBooks and/or Payroll will not change the limit entered on an existing payroll deduction or company contribution 401k item. Why tell the OP to do such things, giving the impression that there is something wrong - when there is nothing wrong and nothing to fix?
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