Electronically pay SIMPLE IRA from desktop payroll

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: 

• Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.)
• Learn how to electronically file and pay 940, 941/944 forms in QuickBooks Desktop

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!

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

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?

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:

1. From the left menu select the Gear icon. ...
2. Under Payroll, select Deductions / Contributions.
3. Select Add a New Deduction/Contribution.
4. For Category, select Retirement Plans.
5. For Type, select the applicable retirement plan.
6. Enter the name of the provider or plan.
7. 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.

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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. 

I have the IRA employee deductions set up as well as the Employer contributions. These are set up as short term liabilities. I need now to know how to send the amounts Contributed to the IRA manager with the information necessary so the manager can properly deposit the contributions in the correct accounts. We have 8 employees and of course, the amounts contributed are different for each employee each payroll. I have routing and account numbers for each employee from the IRA management company.

I'll gladly show you the way to send the amounts contributed to the IRA manager, rlm667.

To access the contributions of the SIMPLE IRA, I'd suggest running the Retirement Plans report. Here's how:

1. Go to Reports from the left menu. 
2. On the Search (magnifying glass) box, enter Retirement Plans. 
3. Customize the Date Range, then click Run Report. 

Once done, you can now send it to the IRA manager by clicking the Share drop-down menu. 

Also, if you'll need a report that shows a current snapshot of each employee, including SSN, pay rate, deductions, and contributions, run the Employee Details. I'll show you how.

1. Go to Reports from the left menu. 
2. On the Search (magnifying glass) box, enter Employee Details. 
3. You can choose the name of the Employee and Work Locations. 
4. Click Run Report. 

For your visual reference, I've attached a screenshot below.

Additionally, I've added these articles that'll help you learn more about running and customizing reports in QuickBooks Online.

• Run Payroll Reports
• Run Reports in QuickBooks Online
• Customize Reports in QuickBooks Online
• Memorizing Reports in QuickBooks Online

I'm only a few clicks away if you need assistance handling your other payroll tasks. It's always my pleasure to help you out again.

I am using Quickbooks desktop 2019 Payroll and don't have a left menu like you show nor 'Reports' on a left menu. I do have 'Reports' on my top menu but searching for Retirement Plans does not find a report like you show. In fact it does not find any reports.

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:

1. Go to the Reports menu.
2. Select Employees & Payroll.
3. 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.

Thank you for your reply. My state, Texas, does not have state mandated retirement benefits so it is not a listed state. If I just pick one of the listed ones, IL, CA or OR, nothing prints. The report format looks just like what I could use but, alas, won't print for me.

I appreciate the details that you gave, @rlm667.

I can see the importance of being able to print your state's retirement report in QuickBooks Desktop. Let me provide some insights on where you can print it.

The system currently allows you to print state retirement reports for IL, CA, and OR. However, you can still use these reports to see the details of your IRA in QuickBooks Desktop.

To print the said report, I'd suggest exporting the report to excel and print it from there. This way, you can send the amounts contributed to the IRA manager accordingly.

To do that:

1. Select the Excel on the toolbar. You can also select Print or Email to save the report as a PDF.
2. To create a new Excel workbook, select Create New Worksheet. If you want to update an existing workbook with the data in the open report, select Update Existing Worksheet. Select Browse and then find the workbook on your computer. Keep in mind, this overwrites the existing workbook.
3. If you want to format the data a specific way, select Advanced. This is optional.
4. When you’re ready to export, select OK. To open the report in Excel, you can also select Export.

To learn more about exporting reports in QuickBooks Desktop, please see this link: Learn how to easily export reports to Excel from QuickBooks Desktop.

You may also visit the state agency's website to see if a similar printable report/form is available. 

For your reference, I'm also adding here some links that you can scan through about the printable reports and state compliance forms in the system:

• Understand reports
• Learn how to access your state agency websites

Please know I'm only a post away if you still need help with printing your reports or have follow-up questions with QuickBooks Desktop. I got your back.

I now have SIMPLE IRA withholdings for the first payroll in October. I am now trying to print a report that shows the employee and the amount of employee and company contribution for each. The Reports->Employees and payroll->State Mandated Retirement report does not print anything for any of the 3 states available so I can  not export anything to Excel. My state is Texas. I thought I had received a method for printing the information but if so, I can not locate it. Please assist me in printing the report I need to show employee withholding and company contributions over a specified period for my state, Texas.

Hello there, rlm667.

It can be that the employee was tax-exempt to withhold Texas taxes. Let's ensure that QuickBooks Desktop is updated to its latest release and you installed the recent payroll tax table. We can try running the Payroll Transactions Detail report. It shows payroll items are the amounts that make up a paycheck. They include the taxes and deductions that affect the paycheck total as well as company expenses related to payroll. This way, you can also see if the contribution was posted.

There might be data issues on your end that lead the program to behave unexpectedly. The QuickBooks verify and rebuild tools will find the most common data concerns in a company file and fixes them right away.

To effectively manage payroll and keep track of employee expenses, you can refer to this article: Customize payroll and employee reports.

Feel free to come back here again if you have other concerns about contribution to QBDT. I'm always available here to help. Have a good one.