60+ yr employees the 2025 SIMPLE retirement contribution limit is $16,500/annual catch up of $5250, totaling $21,750. Can I change the preset limit of $20k to do this?

We can delete the old setup and create a new one as resetting the contribution limit in QuickBooks is unavailable, Akarum.

Editing the contribution in QuickBooks isn't available. The only option is to delete the old setup and create a new one, as QuickBooks does not allow the same type to be used simultaneously.

When we delete the Simple IRA and create a new IRS catch-up account, the new account will remain intact and won't be affected. The old one won't work if the limit has been reached. Therefore, we need to delete the old account and create a new one to allow for deductions under the catch-up limit again.

Here's how: 

1. Navigate to Payroll, then Employees.
2. Choose your employee.
3. From Deductions & contributions, select Edit.
4. Select the Trash bin icon to remove the contribution. 
5. Click Save, then Done.

Once done, create a new contribution in your QBO account. For detailed steps, you can check this article: Set up and manage company contributions.

You can check out our QuickBooks Live Expert Assisted team if you need further help inviting contractors to Workforce and ensuring they can see the details of their payments. They can help you set up Workforce so that contractors can view their paid jobs and the amounts.

You can also run a company contribution report to track your company-paid contribution.

 You can reply to this forum for further queries about managing and setting up your company contributions in QBO. We're here to help.