How do I pay the once a year discretionary contribution for the 401(k)?

Allow me to share an option you can consider, Lhoffman.

While a direct method to pay the 401(k) company contribution (including discretionary contributions) through the payroll run is unsupported in QuickBooks Online (QBO) Payroll, you may consider paying to your 401(k) provider outside of QuickBooks.

I recommend consulting your accountant to ensure your discretionary contribution complies with your 401(k) plan document and IRS rules. Contributions must be made by the deadline and stay within IRS limits. It is advisable to consult your accountant or plan administrator to ensure proper handling and accounting of these contributions.

If you don't have an accountant yet, consider utilizing the QuickBooks Certified ProAdvisor website to assist you in finding a qualified professional.

Here’s how to connect with a ProAdvisor:

1. Visit the QuickBooks Certified ProAdvisor website.
2. Enter your City or ZIP and click on the Find a ProAdvisor tab.
3. Complete the necessary details such as Location, Services provided, Industry served, and Product supported.
4. Browse through the profiles of certified accountants and message the one that best fits your needs.

To monitor your contributions in QBO, you can run the Payroll Deductions/Contributions report to help you verify both employee deductions and employer contributions to the 401(k) plan.

You might find this article helpful for checking your employees' year-to-date totals and payroll liabilities: Run payroll reports.

If you have any further questions or need additional assistance with your retirement contributions in QBO. Get back on this channel, my team and I are always here for you.