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nickstiv
Level 2

how do i epay 401k contributions?

I'm trying to figure out how to direct deposit 401k contributions to fidelity.  Currently it wants to print a paper check under payroll liabilities.

 

I have quickbooks desktop with enhanced payroll.

4 Comments 4
Jovychris_A
QuickBooks Team

how do i epay 401k contributions?

Thanks for posting, @nickstiv.

 

Yes, you can only pay the 401(k) through a paper check. To meet Federal and State compliance requirements across all of our offerings, Intuit’s Direct Deposit service cannot be used to pay bills or make payments to individuals or entities who are not independent contractors or employees. 401(k) contributions to fidelity should go to the agency.

 

You'll need to check for third party applications that will enable you to pay 401(k) contribution to fidelity. You can also go directly into your bank and deposit the money to the receiver's bank account.

 

You can check these articles for more details about retirement plans and how QuickBooks keeps this record:

 

Please feel free to leave a message to this post if you have more questions. I'll be around to help. Have a good one!

nickstiv
Level 2

how do i epay 401k contributions?

This seems like it should be a core feature of quickbooks payroll.  It is disappointing that it does not support this.

MariaSoledadG
QuickBooks Team

how do i epay 401k contributions?

Hi nickstiv,

 

We recognize how you want QuickBooks to work perfectly with your business needs. I'll take note of this so we can send a request to our developers' team. 

 

Your feedback is important to us to address challenges and allow the opportunity to identify improvement and adding new functionality to the product

 

I have this article in case you want to enter a non-taxable reimbursement: Create a Non-Taxable Reimbursement Payroll Item.

 

Feel free to let us know if you need further assistance. I'll always be right here to help.

john-pero
Community Champion

how do i epay 401k contributions?

Just like paying any bill, such as heat and light, Fidelity surely has an online portal for you to electronically pay your liability and then record that payment in QuickBooks. Please consider this - there is not a single repository for your 401k contributions, nor even just 50 (as in states) - for QB to be able to directly pay to an account - especially when with multiple employees the employer liability has to be split over as many employees times 2 (employer and employee share MUST be separate in the fund itself) they would have to have a relationship with each and every fund out there.

 

Once you have your online setup at Fidelity it will probably take you less Thanh 2 minutes overall of your time to both pay into your company fund and record the liability payment inside QB

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