Simple IRA max contribution adjusment, 2024 Secure 2.0 ACT (employers with fewer than 26 employees)

I can provide details on the maximum limit for SIMPLE IRA employee contributions or deductions.

We can't manually update the default maximum contribution/deduction limit for a SIMPLE IRA. The program's calculations follow the contribution limits set by the IRS, which will automatically change in the system. For more information on retirement plans, you can visit the IRS website.

Here's an article that provides details on editing a retirement plan item: Set up or change a retirement plan.

I'll be on the lookout for your response if you have further questions about payroll contributions or deductions and will address this promptly.

@SirielJeaB  You said: "In the meantime, let's make sure the payroll settings and contributions accurately reflect the new limits for your company."

Yes, that is exactly what the OP wants to do.

Yet somehow, I can't seem to find the part of your post that tells them how to do that.

Thank you for the reply. So it sounds like the max contribuiton amount in QBO will automatically change soon to be compliant with the new provisions for 2024? And QBO will recoginize that I am a small employer and will apply the new, increased limits accordingly? The Secure 2.0 ACT, signed into law in Dec. 2022, is clear on the contribution limit increases for Simple IRAs beginning in 2024 and we are already half way through the year. What is the expected timeline for QBO to roll out this change?

Thank you for the replyt. So it sounds like the max contribuiton amount in QBO will automatically change soon to be compliant with the new provisions for 2024? And QBO will recoginize that I am a small employer and will apply the new, increased limits accordingly? The Secure 2.0 ACT, signed into law in Dec. 2022, is clear on the contribution limit increases for Simple IRAs beginning in 2024 and we are already half way through the year. I understand that the link to the IRS web page that you provided has not been updated to reflect all of the provisions of secure 2.0 Act but that information can be found elsewhere on the irs.gov site.  What is the expected timeline for QBO to roll out this change?

I can see that these updates may have come as a surprise for us and other tax processors, @lululime12. Let me discuss this in detail.

In the meantime, there is no specific time frame for us to know when the Secure Act 2.0 will be implemented this 2024, but rest assured that we will comply with the regulations from the IRS.

Moreover, to learn more about retirement plan deduction or a company contribution in QuickBooks Online Payroll, check out these links: 

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

Fill me in whenever you have follow-up questions concerning payroll deductions. The Community is more than glad to assist you further. Stay safe.

@Eman_E  Well, I suppose as long as you *will eventually* decide to comply with the law, why should customers be concerned about anything?

I mean, I'm sure it's a difficult task for the engineers to take a number and replace it with a different number. The higher ups will first have to have a meeting to discuss when to talk about it later.

My company is also impacted by this issue, and I was wondering if there was any update since it has been four weeks since your post. Our employees are very anxious to be able to maximize their contributions. Thank you.

I acknowledge the impact of these changes on your business and employees, Annegc.

Currently, the maximum contribution/deduction limit for a SIMPLE IRA in QuickBooks Online is set as default, and manual editing or updating is unavailable.

While we're unable to provide a specific timeline for implementing the Secure Act 2.0, please be assured that we are committed to complying with the IRS regulations, and necessary changes will be automatically reflected in the system.

For more information regarding contribution and benefit limits, please visit the following link: Retirement Topics- Contributions. 

Additionally, you might find it helpful to explore the forthcoming changes and new offerings by referring to this resource: SECURE Act 2.0: Small Business Owner Guide and Key Retirement Changes.

We're here to assist you with other payroll concerns, including managing payroll deductions, payroll reports, or related matters. Just leave a comment below, and we will promptly assist you.

I am also managing QuickBooks for a small business.  My employees are also anxious to start to have their deductions increased and not to be left at the end of the year with a large sum to be removed from their final paycheck to make up for this delay in QuickBooks. 

I understand that QB must stay in compliance, but as has been commented on previous, this law was put in place some time ago.  Every investment firm is communicating the higher limit to their clients.  It is tough to tell our employees that our accounting software is preventing us from acting on this on their behalf.

We are also a small employer seeking that the limit be increased within payroll to match the 2024 Secure 2.0.  I have spent hours on the phone with Intuit support with no avail.

The end of the year is approaching quickly.  When will Intuit update the limit to match the new law?  There are multiple employees and companies affected by this.

We can send a feedback to our engineering team about the limit adjustment for the Simple IRA deduction, @PamC2. I'd be glad to assist you in submitting one. 

While we can’t provide a specific timeline for the adjustment, res assured that your input to our team will be taken seriously. We’re dedicated to ensuring with compliance to the new payroll law, and your suggestion will help us prioritize this important update. 

To submit one, here's how: 

1. Go to the Gear icon menu at the top, then select Feedback.
2. Enter your comments or product suggestions.
3. Click Next to submit feedback.

Additionally, I'll include these article that you can read if you want to manage your deductions and contributions using QuickBooks Payroll: 

• Set up or change a retirement plan
• Set up and manage company contribution
• Retirement topics - Contributions

In case you have other questions about the Simple IRA adjustments, please don't hesitate to reply to this post. I'll be around to help you anytime.

I don't want to discourage anyone from using the Feedback option - I just want to share that I've been submitting feedback weekly since July 23 on this issue. I don't understand why Quickbooks can't provide any information such as a projected implementation date. With no updates, it appears that the issue isn't being addressed at all, and that Quickbooks doesn't think there are enough customers in this situation to warrant a solution. I truly hope this isn't the case.  

I'm having the same issue and I'm so frustrated.  The customer service agents also have no clue what's going on.