Thanks for posting your question here, joe86.
Once you setup your Simple IRA payroll item, it'll automatically set up your accounts for you.
Below, are the steps to set up your benefits using the EZ Setup in QuickBooks Desktop:
For more detailed instructions with setting up a payroll item in QuickBooks Desktop, you can refer back to this article: Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.).
Let me know if the steps above do the trick. If you have any more questions, I'm always here to help.
Welcome to the thread, SusieQStL.
Let me show you how to set up Simple IRA in QuickBooks Desktop in a few clicks. Here's how:
When selecting the Tax tracking type, this is how your Simple IRA Co. Match is reported:
If None is selected, the Simple IRA Co. Match isn't reported to any forms. Thus, I recommend consulting your accountant to verify if it's the right thing to do.
As a reference, you can refer to this article for further guidance: Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.).
If you have further questions, feel free to leave a comment below. I'll be around to help. Have a good one.
Thanks for joining in on this thread, IMCB.
If you're using the desktop version of QuickBooks, then the steps shared above is how you can set up the retirement plan.
As for the taxability, both programs are the same. You can check out these articles for more details:
In case you want to know how the deduction is set up for the online version of QuickBooks, you can open this link for the steps: Retirement plan deductions/contributions.
Please let me know if you have any follow-up questions about the retirement plan or other payroll concerns. I'm here to help you out. Take care and stay safe!