Question

Electronically pay SIMPLE IRA from desktop payroll

Forum|Forum|5 years ago
March 31, 2021
13 replies
46 views

Can payroll liabilities for SIMPLE IRA be paid electronically directly from QB desktop payroll?

QuickBooks Desktop Payroll

Level 9

Hey there, @KennyL.

The system only allows you to pay the 940, 941/944 tax forms, and state electronically. Let me guide you on what's the best way to pay your payroll liabilities for SIMPLE IRA.

QuickBooks Desktop calculates the deduction for your IRA based on its type and rate. Thus, payroll liabilities for SIMPLE IRA need to be paid directly to your agency.

To give you insights about the Simple IRA set up together with the taxes that can be paid in the system, you can always scan through these links:

Know that you can always get back to me here in the Community if you have any other questions. I'll be around to lend a helping hand. Keep safe!

K

KennyLAuthor

Thanks Betty. I didn't think it could be done, but had to ask. I appreciate your quick response.

B

Beau Kramer

I have quickbooks online and wanted to find an electronic way to pay our SIMPLE IRA provider the funds. I have their routing numbers and account numbers. How do I set this up?

A

AbegailS_

Level 6

Thanks for joining the thread, @Beau Kramer.

I'll be glad to share insights about paying your SIMPLE IRA provider.

As of the moment, paying SIMPLE IRA electronically is not yet available. But you can pay for it manually.

Let me show you how to set up Simple IRA in QuickBooks Online in a few clicks. Here's how:

From the left menu select the Gear icon. ...
Under Payroll, select Deductions / Contributions.
Select Add a New Deduction/Contribution.
For Category, select Retirement Plans.
For Type, select the applicable retirement plan.
Enter the name of the provider or plan.
Select Ok.

You can also search for a third-party application that can help you pay for SIMPLE IRA electronically.

For more insights, read through this article to learn about retirement plan deductions/contributions in QuickBooks.

I

For more insights, read through this article to learn about retirement plan deductions/contributions in QuickBooks.

Feel free to message again. We're always delighted to be of your service. Stay safe.

R

Rea_M

Level 10

Hi, Thanks for the reply. However, I am running QB Desktop 2019 payroll and do not have a left menu like you show. I do have a reports icon on the top menu but searching for Retirement Plan does not find any retirement reports. Please advise.

Thanks.

I've got your back in finding the appropriate retirement report in QuickBooks Desktop (QBDT), @rlm667. This way, you're able to send the amounts Contributed to the IRA manager accordingly.

The steps provided by my colleague above are for the online version of QuickBooks. With QBDT, you can pull up the State Mandated Retirement report to get your employees' IRA contribution amount. To do this, here's how:

Go to the Reports menu.
Select Employees & Payroll.
Hover your mouse to the State Mandated Retirement option, then select the appropriate state (i.e., Illinois, California).

Once pulled up, you have the option to focus on the details that matter to you the most. To effectively manage payroll and keep track of employee expenses, you can refer to this article: Customize payroll and employee reports.

Also, a state-mandated retirement plan is supported through a payroll deduction. It is taxable to all payroll taxes and is modeled after Roth IRA. To answer the most commonly asked questions about the said retirement plan, I'd recommend checking out this article: State retirement savings plan (Savers program).

Let me know if you have other reporting and payroll concerns in QBDT. You can drop a comment below, and I'll gladly help. Take care, and I wish you continued success, @rlm667.

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