Thank you for bringing this up here in the Community, @dawn-wenzel. No worries, I've got the steps to help you seamlessly implement these updated contribution limits. Let's walk through this together and ensure your retirement plan settings are aligned precisely with the latest IRS guidelines.
First, ensure that your QuickBooks Online (QBO) account is updated since this is a new IRS requirement for 2024 that requires specific software updates.
Once you now have your account, you can then add the new retirement plan. It's my pleasure to show you how:
- On the left navigational panel, look for the Payroll tab.
- Select Benefits.
- From there, choose the 401(k) retirement plan.
However, if you can't still add the new Simple IRA/401(K) retirement plan, I'd suggest contacting our QuickBooks Support team. They can provide personalized assistance and ensure that your transition to the new limits is smooth and error-free.
By following these steps, you’ll be well on your way to aligning your business with the 2024 regulations, ensuring compliance and accuracy in your financial management.
Feel free to reach out if you have further clarification on any of the steps or require additional assistance, @dawn-wenzel. My goal is to make this update as seamless and straightforward for you.
