Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
We can add a new deduction, mike164.
You don't need to edit the 401(k) contribution you've already set up. Instead, we can set up a new contribution which is the 401(k) Catch-up. You can follow these steps:
You can also read these guide about retirement plans. These will give you more details on how to handle deductions/contributions.
Always keep in mind that QuickBooks Community Team is here to help you. Comment below if you need anything else.
I followed these steps to add a new catch up item however I noticed when I filed W2 the catch up item is deducting from net pay instead of gross pay. Any insight?
I followed the directions on how to setup a new deduction for the 401k catchup. When I click on save it wont save and gives me a message "You cannot select Regular & Catchup deductions of the same type.
Am I entering something wrong? How can I get this to work.
Hello there, @Mike19672. We appreciate you following the steps above in setting up a new deduction for the 401k Catch-up. Let us share some insights on why the error occurs and how you can get this to work.
We understand the importance of managing your deductions in our program without issues.
In your case, you may have already set up a 401 (k) deduction, that's why you'll get prompted with "You cannot select Regular & Catch-up deductions of the same type" since it's not possible to have two 401 (k) deduction type for one employee. If you want to change it to 401 k Catch-up, you'll want to delete the other 401 (k) plan type. We'll guide you through the process below.
To delete Deductions and contributions:
Once done, you may want to add a new 401k Catch-up retirement plan. See the steps below:
See the screenshot below for visual reference:
Additionally, you can refer to this article to learn how to set up a retirement plan deduction or a company contribution in QuickBooks Online Payroll to track and tax it appropriately: Set up a retirement plan.
Moreover, we'll also include these links about the yearly retirement plan contribution limits and managing payroll reports:
We're just a post away if you have clarification about the information we've shared above and other QuickBooks concerns. We'll always be happy to help you. Have a good one, @Mike19672!
I too am experiencing issues with the 401k Catch deduction type. I have set the deduction as described and it does capture the employer contribution amount, but it does not deduct the employee amount at all.
I too am experiencing issues with the 401k Catch deduction type. I have set the deduction as described and it does capture the employer contribution amount, but it does not deduct the employee amount at all.
I believe the issue is that you cannot have a 401k and a 401k catch up deduction assigned to the same employee. You have to have one or the other.
Hi 656497,
I've got your back in ensuring the 401K catch-up deduction is deducted from your employee's paycheck.
Let's make sure that the mentioned payroll deduction was set up on the employee's profile. You can follow the steps below.
Furthermore, don't hesitate to pin these articles as your guide in completing the year-end tasks:
I'm always around whenever you have payroll concerns.
I spent 90 minutes this morning to try to get this fixed. I cannot fix it on my end, they cannot get it to work right their end. This is ridiculous.
I understand how inconvenient to have spent so much time trying to resolve this issue without success, Scott. Allow me to share additional steps to set up the 401k Catch-up.
First, you need to delete the other 401 (k) plan type if you've created one. This is because it's not possible to have two 401 (k) deduction types for one employee. To delete Deductions and contributions, follow these steps:
Once done, add a new 401k Catch-up retirement plan. Here's how:
For more information, check out this link: Set up or change a retirement plan.
Moreover, you may run payroll reports to view your financial records.
If you have further questions or concerns about setting up a contribution in QuickBooks, comment down below. The Community team is here to provide the necessary help.
The only thing I can confirm is the frustration. One being that it doesn’t work as intended and the second, worst part is dealing with the ‘customer service’ which is anything but.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here