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Title basically says it all. I put the contribution in the wrong field and contributed to after-tax instead of pre-tax 401k.
I talked to their support staff 5 different times and nobody could give me a straight answer as to why they cannot adjust it?
Seems pretty straightforward. I even told them to keep the taxes and net pay the same to make it easier (it will all wash out at year end anyways).
What are my options? Thanks in advance!
@inveniam "I even told them to keep the taxes and net pay the same to make it easier"
Probably because they think that the pre-tax would have caused a difference to the social security and medicare tax calculations instead of just the federal and state income tax withholdings. The customer service representatives don't necessarily have an accounting background.
I'm not experienced enough with QBO to give you specific instructions for it, but there are a couple users on the board who'll probably chime in at some point.
Thanks for the feedback!
Hi there, @inveniam.
We understand that the error with your 401(k) contributions is concerning. Unfortunately, changing the contribution type after payroll processing can be complex due to tax implications and regulations of the 401(k) plan.
We recommend reaching out to your accountant or a payroll professional. They can provide guidance on the tax implications and ensure accurate record-keeping.
The best course of action we can take in the meantime is to reach out again to our QuickBooks Online Payroll Support. Our team can review your payroll data and explore any potential adjustments within QuickBooks.
Here's how:
Given the sensitive nature of payroll and potential tax implications, we want to ensure that any changes are made accurately. Please reach out to either your accountant or QuickBooks Online Payroll support to help explore your options.
Also, please check out the support hours to ensure that we address your concerns on time.
Furthermore, to better manage and understand your payroll data, you can find detailed instructions on running payroll reports in QBO by visiting this helpful article.
We genuinely appreciate your patience as we work diligently to resolve this issue. Feel free to reach out if you have any other questions or need assistance with managing your deductions and contributions in the future. I'm here to help!
Thanks Shania,
Like I said in the post. I talked to QB 5 different times and was told on each occasion that there was nothing that could be done.
The reason I called 5 different times is because I was convinced that there was something that could be done and the person I was talking to was just not willing to help or didn't quite understand.
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