how do I add additional employer contribution to a simple ira re the secure act 2.0

You can set up a new retirement plan to obtain an additional 10% of the existing limit in QuickBooks Online, @KH-19. I'm happy to provide further details about this below.

Currently, you can set up a higher limit for a retirement plan, with the limits for SIMPLE 401(k) and SIMPLE IRA plans, including their catch-up contributions. Here's how:

1. Go to Payroll, then Employees.
2. Select your employee.
3. Click Edit from Deductions & contributions.
4. Pick + Add deduction/contribution.
5. Select Retirement Plans in the Deduction/contribution type▼ dropdown.
6. For Type, choose the applicable retirement plan.
7. Enter the name of the provider or plan in Description (appears on paycheck).
8. Complete the remaining fields. Then, select Save and Done.
    

If you want to include the employer contribution or company match, you can add it under Company Contribution. Then, select the dropdown menu to choose how you want to calculate the amount. Complete the new fields to enter the amount or percentage per paycheck and the annual maximum.

After that, you can use the newly set up retirement plan for your upcoming pay runs. If you're unsure when to exactly use it, I suggest consulting your tax advisor to ensure that your books are accurate and to avoid messing up your payroll data.

Moreover, check out this resource to review upcoming changes and new offerings about retirement plans: SECURE Act 2.0: Small business owner guide and key retirement changes.

Additionally, you can visit this article to provide a detailed breakdown of your employees' wages, deductions, and tax information for a specific period: Run payroll reports.

I'm always around to lend a hand if you need more help managing your retirement plans or with anything else related to QuickBooks. Take care and have a great day!

This is not working for me. I have issued the SIMPLE IRA additional employer-only contribution lump sum outside of our pay checks. Regardless, I tried setting this up as detailed above, but I can't assign it to my employees since they already have a SIMPLE IRA plan attached in QBO. I get an error "We can't assign 2 employees", and I only have three including myself. 

I need to know how to enter a one-time contribution, not a recurring contribution tied to pay checks.

Hello there, CTCINVA.

Let me clarify why you're unable to assign a Simple IRA to your employees and how to set it up quickly.

The error you've received indicates that you are attempting to assign two similar payroll item types. To resolve this issue, we need to remove the existing one and create or assign a new payroll item.

Here are the steps to remove the existing item:

1. Go to Payroll and choose Employees.
2. Select your employee.
3. From Deductions and contributions, choose Start or Edit.
4. Click the trash bin icon next to the deduction you want to remove.
5. Select Delete and hit Done.
   
   
   
   
   

Here's how to create a new one:

1. Go to Payroll and choose Employees.
2. Select your employee.
3. From Deductions and contributions, choose Start or Edit.
4. Click the Add deduction/contribution.
5. Under the drop-down menu click the plus sign Add deduction/contribution.
6. Under the Deduction/contribution type, choose Retirement plans.
7. Under Type, Select Simple IRA Catch-up Limit.
8. In the Description, type Simple IRA catch-up limit.

9. Since it is a one-time contribution, allocate the Annual maximum amount.

   
   
   

    

For your reference, open this link: Set up or change a retirement plan.

Moreover, here is an article that offers a detailed analysis of the paychecks from a payroll report: Run payroll reports.

If you need help setting up your payroll, don't hesitate to reach out. I'm here and ready to assist you. Have a good one.