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Mary Matza
Level 1

How do I indicate that QB should deduct additional catch up contributions for 2 employees over age 60

The system currently shows the annual max of $31K. How do I change this for two employees only? Thank you.

2 Comments 2
Jovelyn_M
QuickBooks Team

How do I indicate that QB should deduct additional catch up contributions for 2 employees over age 60

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:
 

  1. Navigate to Payroll, then click Employees.
  2. Select your employee.
  3. From Deductions and Contributions, click +Add deduction/contribution.
  4. For the deduction/contribution type, choose 401(k) Catch-Up.
  5. In the description field, you can label this as "401(k) Catch-Up for Ages 60-63."
  6. 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!

Jovelyn_M
QuickBooks Team

How do I indicate that QB should deduct additional catch up contributions for 2 employees over age 60

Hi Mary,

Just checking in to see if the solution we shared worked for you.

Please let us know if everything is now working as expected or if you’re still experiencing any problems.

Happy to help if you need any more assistance!

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