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I'll be happy to answer your question, kentsimms.
In QuickBooks Online, to adjust the annual maximum employee deduction for a Solo 401(k), you can establish a new contribution known as the 401(k) Catch-up. It's important not to modify or remove the existing 401(k) setup, as it serves as the foundation for calculating the catch-up. Additionally, the catch-up contribution will be computed once you've reached the 401(k) limit.
To setup the 401(k) catch-up, here's what you'll need to do:
That's it, kentsimms! By following these steps, you can adjust the annual maximum employee deduction for a Solo 401(k) in QuickBooks.
If you wish to generate payroll reports in QBO to access useful information about your business and employees, you can refer to this article for detailed steps: Run payroll reports.
If you have any other questions about setting up the 401k catch-up plan in QuickBooks Online, let us know in the comments below. I'll be happy to help you further, kentsimms.
I'll be happy to answer your question, kentsimms.
In QuickBooks Online, to adjust the annual maximum employee deduction for a Solo 401(k), you can establish a new contribution known as the 401(k) Catch-up. It's important not to modify or remove the existing 401(k) setup, as it serves as the foundation for calculating the catch-up. Additionally, the catch-up contribution will be computed once you've reached the 401(k) limit.
To setup the 401(k) catch-up, here's what you'll need to do:
That's it, kentsimms! By following these steps, you can adjust the annual maximum employee deduction for a Solo 401(k) in QuickBooks.
If you wish to generate payroll reports in QBO to access useful information about your business and employees, you can refer to this article for detailed steps: Run payroll reports.
If you have any other questions about setting up the 401k catch-up plan in QuickBooks Online, let us know in the comments below. I'll be happy to help you further, kentsimms.
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