Question

Electronically pay SIMPLE IRA from desktop payroll

Forum|Forum|5 years ago
March 31, 2021
13 replies
58 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

rlm667

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:

Select the Excel on the toolbar. You can also select Print or Email to save the report as a PDF.
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.
If you want to format the data a specific way, select Advanced. This is optional.
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:

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.

Sign up

Login with SSO

Let's get you signed in

Login with SSO