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calexander4
Level 1

is there a way to add additional match amount to an employee

is there a way to manually add additional match amount for a 401k to an employee

1 Comment 1
ShyMae
QuickBooks Team

is there a way to add additional match amount to an employee

Yes, Calex, there is a way to input an additional match amount for an employee's 401(k) by setting up the 401(k) catch-up. 

 

However, if you mean to increase the maximum limit for the existing match, please know that we are unable to adjust those specific settings.

 

If your employee is 50 and older and they wish to contribute more than the standard limit, you can use the 401(k) catch-up contributions.

 

Before setting up the catch-up contribution, let's remove the existing 401(k). 

 

Here is a step-by-step guide:

 

  1. Navigate to the Payroll menu, then select Employees.
  2. Choose the employee you want to adjust.
  3. In the Deductions/Contributions section, click Start or Edit.
  4. Click the Trash icon to remove the existing 401(k) deduction.
  5. Then, press + Add Deduction/Contribution.
  6. From the Deductions/Contribution Type, select Retirement Plans.
  7. Choose 401(k) Catch-Up and complete the required details.
  8. Hit Save and then Done.
     

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Once you've completed the necessary steps, you can start processing your payroll within the program.

 

To further streamline your payroll process, Explore QuickBooks Payroll. Our experts guide you through everything from setting up employee information to preparing tax forms, ensuring you have all the knowledge you need to enhance your payroll management effectively.

 

We're still here if you need further clarification or assistance setting up your employees' retirement plans.

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