Hello there, @susie-neu.
Allow me to provide some information on the maximum limit for the Simple IRA employee contribution.
When setting up an employee contribution for a retirement plan in QuickBooks Online (QBO), you'll see that the annual maximum is $19,000.00 for the Simple IRA catch-up rate. Since it's still 2023, it's the accurate amount based on IRS contribution limits. However, it will automatically update to $19,500.00 in 2024, as the new year rolls in.
To learn more about retirement plans, you can visit the IRS website.
I'll leave this article for more information about setting up a retirement plan deduction in QBO. It also contains details on how to edit or remove a retirement plan item: Set up or change a retirement plan.
Keep in touch if you have any other concerns about contribution limits. I'll be around to provide assistance whenever you need it.
