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henry-x-zhao-gma
Level 1

I made a mistake on one of my paychecks back in November, and How to adjust portion of my 401K contribution from employee salary deduction to emplyer contribution?

I found my total year-end 401K employee salary deduction went above the annual limit, and need to move $300 to employer contribution. If I void that paycheck, how to create a new one with adjustment only on the employee / employer contribution of 401K and keep everything else the same? I used automatic tax payment and Direct Deposit.  
5 Comments 5
SarahannC
Moderator

I made a mistake on one of my paychecks back in November, and How to adjust portion of my 401K contribution from employee salary deduction to emplyer contribution?

Hello there, henry-x-zhao-gma.

 

The information below will help you keep your data accurate by correcting the 401k deduction and contribution in QuickBooks Online.
 

We can adjust your employee salary deduction and employer contribution for 401K by modifying the plan item. However, it'll not directly correct the paycheck you made last November. 

 

The steps below will walk you through the process.

 

  1.  Go to Payroll, then Employees.
  2. Select your employee.
  3. Find the deduction & contributions you created. Then, click Edit
  4. Select Edit next to the deduction/contribution you want to modify, then make your updates. Or select the Trash bin icon if you want to remove it.
  5. Hit Save. Then, Done.

 

 Still, we need to contact our Payroll Support Team for further guidance. Also, since you're using automatic tax payment and Direct Deposit, our Payroll Support Team will be able to help you resolve this matter in a secure environment. They can review your account in detail and make changes without affecting other data.

 

  1. Within your QBO account, go to Help in the upper-right corner.
  2. In the Search tab, click Contact us.
  3. Enter a brief description of your concern.
  4. Click Continue.

The articles below contain information about recording retirement plans and generating payroll reports according to your needs.

 

 

I'll be around if you have concerns about adding plan deductions and contributions. I'll help you in any that I can. Take care. 

henry-x-zhao-gma
Level 1

I made a mistake on one of my paychecks back in November, and How to adjust portion of my 401K contribution from employee salary deduction to emplyer contribution?

Hi, Thanks for the reply. I'd like to let you know that, all I needed is to correct the W-2 form that will be send to IRS, with the adjustment I mentioned above. I assume after correcting the paycheck, the W-2 form will be automatically updated? 

 

The steps you descirbed below  is not available on Quickbooks Online. Are you talking about the Desktop version? 

"click Edit Select Edit next to the deduction/contribution you want to modify, then make your updates" 

 

I have the option to void the Paycheck, but I don't have the option to re-create a new paycheck to replicate everything except the 401K contributions. 

 

I am trying to contact the Payroll Dept but I only have the options to contact the Community, Chat, or Callback. Is there a way to send email to the Payroll Dept?

 

Thank you.

Rubielyn_J
QuickBooks Team

I made a mistake on one of my paychecks back in November, and How to adjust portion of my 401K contribution from employee salary deduction to emplyer contribution?

Thanks for getting back to this thread, @henry-x-zhao-gma. Allow me to chime in and clarify things for you.

 

The steps provided by my colleague above are for QuickBooks Online. If the option isn't showing, it would be best to contact our support team directly. They have the necessary tools to check your account and help with making the necessary adjustments. 

 

To reach our payroll department, you can select to Get a callback from the next available expert. For detailed steps, you can also use this link: Contact Payroll Support.

 

In addition to that, I'll be sharing this article to help manage your payroll and employees in QuickBooks:

 

 

Feel free to comment below if you have further questions about correcting the W-2 form. I'll be around to help. Keep safe!

henry-x-zhao-gma
Level 1

I made a mistake on one of my paychecks back in November, and How to adjust portion of my 401K contribution from employee salary deduction to emplyer contribution?

I chatted with QBP support and they told me that they'd fix the paycheck in 25 days which is going to be after the W-2 filing deadline of Jan 31. Does that mean I need another W-2 adjustment after they fix my paycheck? 

 

Just don't understand why it takes that long for a paycheck update. 

TirzahC
QuickBooks Team

I made a mistake on one of my paychecks back in November, and How to adjust portion of my 401K contribution from employee salary deduction to emplyer contribution?

Hello, henry-x-zhao.

 

When there's a mistake on an already-filed W-2 form, you can still amend it by filing a Form W-2. If you haven't filed the form yet, then you can just file your W-2 forms as you normally would.

 

I would also recommend contacting our Payroll support team time to time to follow-up your payroll correction. They have the tools to look into your account and provide you a copy of it.

 

In case you have further questions about W-2, please check out this link: Learn about answers to your most common W-2 inquiries.

 

I'm also adding this article to answer the most commonly asked questions about correcting and amending W2 forms: Fix an incorrect W-2.

 

Tag me in a comment below if you have any other questions concerning W-2. I'm always here to help.

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