Recording Individual 401K - S Corp

Hello @Oliver from FL,

Thank you for posting here in the Community. I'm here to assist with recording 401K contributions in QuickBooks Online.

Since this is from the prior year, you'll need to create some payroll adjustments for the contribution. The process can't be done without contacting our Payroll Support Team.

They'll need to take over and assist you with entering the information in QuickBooks. Our Customer Support Team for QuickBooks Online Payroll - Core, Premium is available from 6 AM - 6 PM PT (Monday - Friday). For QuickBooks Full Service Payroll, QuickBooks Online Payroll Elite/Premium, any time, any day.

Here's how:

1. Click the Help tab in the upper-right corner.
2. Go to the Assistant tab.
3. Click Get help from a human.
4. Choose Chat with us or Have us call you. 

For more information about the supported retirement plans, as well as how to remove a deduction for an employee, I recommend the following article: Retirement plan deductions/contributions.

Fill me in if you have additional questions about managing payroll deductions or contributions. I'm always here to help out. Take care.

Thank you!

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@Oliver from FL wrote:

Hello,

 

How to assign a one time Individual 401k employer contribution (S Corp) to 2021.

 

- It was paid December 2021 and cleared from bank account to retirement plan institution.

 

It shows as an expense. How do I assign this correctly to the employee (which is myself).

 

I am aware of the contribution limits. Just looking for the proper way / steps to assign it to 2021 so that it shows correctly on reports and tax documents including W4.

 

I have read many of the previous posts but Im getting more confused.

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