Simple IRA catchup contributions

Hi there, aarondenny.

Allow me to share some information about the catch-up deduction item for the Simple IRA to QuickBooks Online Payroll.

When setting up a contribution for your employees, you'll have the option to set up its maximum amount limit.  At this point, you'll want to review the setup. This way, QuickBook Online payroll will calculate its contribution.

I've attached a screenshot for your reference. 

I'm adding these articles for your reference on how to set up the deductions in QuickBooks Online Payroll:

• Retirement plan deductions/contributions
• Set up voluntary deductions in Online Payroll

Also, this link will show you how to run payroll-related reports: Run payroll reports.

Should you need additional help in managing payroll contribution deductions or completing any task with QuickBooks, you can always find me here. I'm just one comment away.

I have noticed there was a box with an annual maximum amount under both the employee contribution and the employer contribution, however under the employee contribution it is greyed out and can not be edited.  I followed you process and the links you provided and every time I get to the employee contribution part where I am setting up the contribution, the annual maximum limit is NOT editable but prefills as $14,000.  The employer contribution has a maximum limit and I am able to edit that.  I attached a screen shot showing this.

Let me know your thoughts on this.  

Thanks for getting back with the Community, aarondenny. I appreciate your screenshot.

I tested this out myself in our test drive account and can confirm the data in my Annual maximum field was pre-filled and not able to be edited.

Here's an image showing my experience:

I also tried deleting the deduction my annual maximum was attached to and noticed the Annual maximum field was still greyed out and pre-filled while trying to add a new deduction for that same employee.

Since your Annual maximum field is greyed out and pre-filled when trying to edit it, I'd recommend getting in touch with our Customer Care team. They'll be able to pull up the account in a secure environment, conduct further research with you, and create an investigation ticket if necessary.

They can be reached while you're signed in.

Here's how:

1. Use the Help (?) icon.
   
2. Click Contact Us.
   
3. Enter a description of your situation in the What can we help you with? field, then hit Let's talk.
   
4. Select Start messaging or Get a call.
   

Be sure to review their support hours so you'll know when agents are available.

If there's any questions, I'm just a post away. Have an awesome day!

I am having the same issue.  The area is grayed out and I can not edit to 17,000.

Quickbooks- it would be great if this could be fixed as it was brought to your attention by the poster in November 2022!

Calling into the customer service, while the folks are nice, is a painful and time consuming project.  

Can QB PLEASE correct this issue as 2023 is right around the corner!!

Has this issue been addressed and corrected by QuickBooks online?    It's a pretty simple issue, and the on-line payroll software will NOT allow the catch-up contribution for someone over age 50.  

Hi there, KansasCPAwow. Welcome to the thread.

You're right that as of 2023, employees face Simple IRA contribution limits of $15,500. And if you’re over the age of 50, you’re eligible for a total contribution of $19,000.

To set up the retirement plan for the age over 50, you'll have to select the Simple IRA Catch-up as the plan type. This way, the annual maximum limit will be set to $19,000. And I'll be happy to guide you how.

1. In the left menu, click Payroll.
2. Go to the Employees tab.
3. Locate and select the employee.
4. Choose the Profile tab and click Edit in the Deductions & contributions section.
5. Click the + Add deduction/contribution link.
6. In the Deduction/contribution type dropdown menu, choose Retirement plans.
7. Select Simple IRA Catch-up as a Type.
8. Set the other necessary fields.
9. Click Save when done.

To know more about tracking retirement plan, see these articles:

• Understand retirement plan contributions limits
• Set up a retirement plan

If you want to run payroll reports in QuickBooks Online to view info about your business and employees, you can read this article for the detailed steps: Run payroll reports.

Don't hesitate to let me know if there's anything else I can do to help. I'm always here to assist. Have a nice day!