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You can create a new catch up deduction item for the Simple IRA, @indyoxifresh.
In QuickBooks Online (QBO), the option to edit the IRA deduction item is unavailable. QBO follows IRS and each item has its maximum amount limit.
Here's how to add a new deduction item:
To know more info about the retirement plan deductions and contributions in QBO, please head to this retirement plans link.
Also, to have a view of your created company deductions, you may open the Payroll Deductions/Contributions report. Here's how:
Feel free to come back here again if you have other concerns about retirement plans in QBO. I'm here if you need further assistance. Have a good one.
How do I get to step 5? You skipped over step 3 & 4?
I'm here to share the complete steps to add a new deduction item, Elojo.
For more information about the process, I suggest checking this article: Add or Edit a Deduction or Contribution.
Additionally, I encourage you to visit this article to help you track your business finances: Run Payroll Reports.
In case you have follow-up questions about running payroll, I suggest clicking the Reply button. This way, we'll be able to help you out.