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How do I classify contributions to a defined benefit plan?
I've got your back on classifying contributions in QuickBooks Desktop (QBDT), @0567.
You can set up contribution items using the Custom Setup to classify them based on their plan-type. However, I still recommend seeking help with your account to know the correct tax tracking type for your benefit plan.
Here's how:
I'm adding this article for more details: Set up a payroll item for retirement benefits (401(K), Simple IRA, etc.).
Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Have a good day.
I'm back to make sure everything works fine, @0567.
Were you able to classify contribution items using the Custom Setup? If you need additional assistance with this, don't hesitate to leave a comment below.
Wishing you all the best.
I am also trying to classify Defined benefit payment in QBO. I am new to QB and not sure if I should classify it as expense. And what's the "type".
We write a check directly to brokerage firm under our company name for the DB plan.
tks, NT
I have a Defined Benefit pension plan we just setup. The money is a pool that is given by the company and not assigned as a payroll item during tenure, but rather calculated by an actuary at time of retirement based on salary, years with company etc. How do I record the company annual contribution made to the brokerage in this case...it's not per employee, but rather a pool until later. I need to create the pension in my books where it shows as expensed out to a tax deferred pension plan. Please advise...thanks.
I'm looking for an answer to the question myself.
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