How do I send IRA contributions

Not to worry, I can help you with the best course of action for sending the IRA contributions.

Once you choose the financial institution that will maintain your employees retirement plan assets you'll work directly with them for sending the funds. Each financial institution may have their preferred method so it will be best to contact the one you have chosen to determine what is the best way. They'll manage the funds until which time your employees decide to withdraw from the IRA account. QuickBooks will help you keep track of the amounts that you will be sending from each check to the employees. You can check out the information the IRS has on establishing a simple IRA.

To help you keep track of the IRA contributions in QuickBooks I also recommend checking out this article about running payroll reports.

I'm always here to help if you have any other questions or concerns. Wishing you continued success now and in the future.

Hello Anna,

Thank you for responding to my post. I'm not sure it answers my question though. I already know how the financial institution wants the funds to be transferred. They want to have the money directly deposited into the account. I have the necessary information from them to deposit it, but I can't figure out how to actually send the money.

So for example, the employee wants to contribute 500 per month to their IRA which is at Fidelity. I run the payroll and a $500 liability is created on my Balance Sheet. I need to actually send this money to Fidelity electronically and I can't seem to figure out how. I can go into processing custom liability checks but when I do this, it only creates a manual check and there is no box to "Direct Deposit".

Thanks for providing additional details to your concern, tiska4mo.

Sending IRA payments using Direct Deposit is unavailable in QuickBooks Desktop. You may want to send the money to Fidelity outside QBDT. 

I've added some links you can check to learn more about retirement plans in QBDT:

• Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.)
• Individual Retirement Arrangements (IRAs)
• Set up and pay scheduled or custom (unscheduled) liabilities

You can always reach out back to us if you need anything else.