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calvarytruckee
Level 1

Direct Deposit IRA company & Employee contributions

Can I use direct deposit to send Employee & Company contribution to employees E*Trade roth IRA account.

I have the routing & account#.

5 Comments
Kristine Mae
QuickBooks Team

Direct Deposit IRA company & Employee contributions

Let me explain how it works, Calvarytruckee.

 

You're unable to send employee contributions to their Roth IRA account. You can only send a direct deposit transaction to your employee's bank account.

 

You'll want to create a regular check and send it to your employees manually. Here's how:

  1. Click the New or Plus sign (+) button.
  2. Select Check.
  3. Choose the employee, add the IRA account, then enter the amount.
  4. Select the bank account.
  5. Click Save and close.

I'll provide an article about Direct deposit to guide you: Set up direct deposit for employees.

 

Feel free to let us know if you have other payroll concerns. You can always drop by in the Community. Keep safe!

calvarytruckee
Level 1

Direct Deposit IRA company & Employee contributions

Would it be possible to set ETrade up as a vendor & direct deposit to them as a contractor?

AlexV
QuickBooks Team

Direct Deposit IRA company & Employee contributions

Let me share more details about direct deposit, calvarytruckee.

 

Yes, we can set up direct deposit for contractors in QuickBooks Online. However, we're unable to use this feature in paying employee's Roth IRA individual accounts.

 

If you haven't yet, you need to set up your company payroll for a direct deposit first. Then, please follow these steps:

  1. Go to the Payroll menu and select Contractors.
  2. Select ETrade or add it to the account.
  3. Tap Bank account and enter:
    • Account Number
    • Account Type
    • Routing Number
    • Accountholder Phone Number
    • Accountholder Full Name
  4. Click Save.

I've added some links for your reference. These will explain more on how to use direct deposit for contractors:

Comment again below if you have other concerns. We'll be here to assist.

calvarytruckee
Level 1

Direct Deposit IRA company & Employee contributions

I'm confused.....you say you can't do it and then you outline instructions to do it???

RCV
QuickBooks Team
QuickBooks Team

Direct Deposit IRA company & Employee contributions

Let me clarify some things about direct deposit, calvarytruckee.

 

The steps provided by my colleague is to set up your direct deposit for contractors and pay them with that feature. However, the option to use the direct deposit to pay employee's Roth IRA individual accounts is unavailable. We can only send a direct deposit transaction to your employee's bank account. Just follow the steps and details in the Set up direct deposit for employees article. 

 

Feel free to visit our Process payroll page for more insights about running and managing payroll in QuickBooks.

 

I'm just one click away if you need a hand with running reports or any QBO related. Feel free to reply to this post and I'll get back to you. You have a good one. 

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