I am taxed as an S Corp. Opening up a SOLO 401K. How do I put a lump sum contribution on my W2 ?

Let's ensure you're able to enter the lump sum contribution in QuickBooks Online (QBO), DPARENT.

To record the contribution, we can create a journal entry within QBO. However, this entry will not be reflected in the W2 form. To address this issue, I recommend reaching out to our Customer Support Team. They can securely access your account and assist in entering the contribution correctly.

Here's how:

1. Click Help on the top right corner of the screen.
2. Go to the Search tab, then click the Contact Us button.
3. Enter a brief description of your concern in the description box.
4. Proceed with Continue, then choose Chat or Callback.
   

I'm adding this article to learn more about adding a payroll deduction or contribution in QBO: Add or edit a deduction or contribution.

Please know that I'm just a reply away if you need any further assistance processing payroll. Have a good one!

If I add a 401K Deduction onto Quickbooks Payroll does Quickbooks take that money out and send it to my 401K provider or Do i manually send it in to them ?  Also I am opening up a SOLO 401K which Quickbooks apparently doesn't support but I am assuming I can just clasify the deduction as a 401K contribution.  Is this correct ?

Let me shed some light on this, DPARENT.

QuickBooks Online (QBO) does not automatically transfer your funds to your 401K provider. You'll have to initiate the transfer manually.

Furthermore, yes, you do have the option to select the nearest 401K plan. I would also recommend consulting with your accountant for assistance during this procedure.

I'm adding these articles that you can read to learn more about 401k and how to efficiently run your payroll: 

• 401(k) Plan Overview
• Retirement plan deductions/contributions

If you have any other payroll questions, let me know by adding a comment below. I'm more than happy to help. Keep safe!

It was interesting because even though they won’t transfer the money I needed to have enough money in the account to process the payroll.    
Will quickbooks do a journal entry on the deduction even though they aren’t taking it out.   How do I account for the deduction in Quickbooks online ?

So every week, when payroll is run and employee contributions are set aside for the employee(myself), I have to manually transfer those funds to the 401k account? Is this normal, or is this just something that Quickbooks doesn't offer a service for(transferring automatically)?

   For employer contributions, is the same true? A manual transfer is needed?

Thanks

Greetings, ERP2019! We are delighted to have you join this discussion and seek clarification regarding the 401k account. We'd be pleased to provide the information you need and help you clear things up.

When it comes to retirement planning, various savings options are available. One of the most popular retirement savings options is the 401(k) plan. 

If you've set up a retirement plan in QuickBooks Online, any contributions made by employees or employers will be automatically recorded in their assigned accounts. The specific account where these contributions go will depend on the type of account you choose to track them. 

To set up a retirement plan deduction or a company-match contribution item in QuickBooks, ensure that you select the 401k account. Afterward, update the payroll accounting preferences to designate the account where the contributions should be recorded.

However, if you're referring to the auto-pay feature, please note that the Online Payroll system does not create the check to pay non-tax liabilities such as Health Insurance premiums, 401(k) contributions, and Child Support. Here are the steps to follow: You will need to create these payments from the Check screen. Here's how:

1. Select + New.
2. Click Check.
3. Choose the account you use for liability payments from the Bank Account dropdown.
4. From the Choose a Payee dropdown, pick the vendor.
5. Determine the account you use for tracking your liability payments, then enter the amount in the Account details section.

For more detailed instructions, read this article: Create a payroll liability check.

Moreover, I've also included these resources that you can refer to in handling other payroll-related activities:

• Set up and manage payroll schedules
• Add pay history to QuickBooks Online Payroll
• Set up and track time off in the payroll
• Year-end checklist for QuickBooks Online Payroll 

The Community is always available to help you if you have further questions about managing contributions or need assistance with other QuickBooks challenges. We're rooting for the success of your business venture, ERP2019. Keep safe!