Hello Mary,
Allow me to clarify and assist you with your query.
Before we proceed, please know that QuickBooks doesn't allow multiple catch-up setups for an employee. The system displays the annual maximum of $31k because it accounts for a previous catch-up contribution made before your employee turned 60.
To make changes, you'll need to remove the existing setup and create a new one for the employee. Before doing so, I recommend verifying the employee's W-2 to confirm that they have reached the age of 60.
Here’s how you can update the setup:
- Navigate to Payroll, then click Employees.
- Select your employee.
- From Deductions and Contributions, click +Add deduction/contribution.
- For the deduction/contribution type, choose 401(k) Catch-Up.
- In the description field, you can label this as "401(k) Catch-Up for Ages 60-63."
- Fill out all required details, then click Save.
For more information on employee contribution limits, refer to the article: Set up or change a retirement plan.
If you need further assistance, please feel free to leave a comment or post below. I’ll be happy to help!