QuickBooks will automatically stop the contributions if you input the annual maximum, @montegobay408. Let me show you how to do it. In QuickBooks Online Payroll, you can set contribution limits and percentages for employee and employer contributions to retirement plans like SIMPLE IRA. This ensures that contributions stay within the IRS limits and avoids penalties or fees for over-contributing. Here's how: Go to Payroll, then select the Employees tab.Choose the employee.In the Deductions & contributions, select Edit.Select the pencil icon beside the simple ira.Input the Annual maximum, then click Save. I've attached a video for your visual reference: Additionally, here's an article on how to generate payroll reports to gain important insights about your business and employees in the future: Run payroll reports. As always, feel free to continue posting questions in the Community if you have any questions or need further assistance with your payroll. The QuickBooks team and other users are always here to help and provide guidance.

Question

We have employees who've met the limits on their SIMPLE IRA contributions so we need to stop the company match of X%. How can we stop that for this subset ?

Forum|Forum|1 year ago
November 3, 2024
3 replies
25 views

No text available

QuickBooks Online

M

MelroseV

Level 1

QuickBooks will automatically stop the contributions if you input the annual maximum, @montegobay408. Let me show you how to do it.

In QuickBooks Online Payroll, you can set contribution limits and percentages for employee and employer contributions to retirement plans like SIMPLE IRA. This ensures that contributions stay within the IRS limits and avoids penalties or fees for over-contributing.

Here's how:

Go to Payroll, then select the Employees tab.
Choose the employee.
In the Deductions & contributions, select Edit.
Select the pencil icon beside the simple ira.
Input the Annual maximum, then click Save.

I've attached a video for your visual reference:

Additionally, here's an article on how to generate payroll reports to gain important insights about your business and employees in the future: Run payroll reports.

As always, feel free to continue posting questions in the Community if you have any questions or need further assistance with your payroll. The QuickBooks team and other users are always here to help and provide guidance.

M

montegobay408Author

That part we got working fine. It’s the contributions (match) - it’s still doing the match even though they’ve gone past the max limit. I tried to edit the contribution to zero and save but it didn’t seem to affect the payroll check when I bring it back up to view.

S

Shania_C

QuickBooks Team

Thanks for getting back to the community, @montegobay408.

Let me add some information about your concerns regarding stopping the company match for SIMPLE IRA for employees who have reached the contribution limits in QuickBooks Online Payroll.

To address this, we highly suggest contacting QuickBooks Online Payroll Support, where experienced specialists are prepared to help with these issues. Their expertise will guide you through the process, ensuring your contributions are accounted for and handled correctly, providing peace of mind and clarity for future transactions. Here's how:

Access your QuickBooks Online (QBO) company.
Go to Help (?) and select Contact Us.
Enter your concern, then select Let's Talk.
Select the preferred method of contact (phone or chat).

You can check the support's contact information here: Contact the QuickBooks Online Customer Support team. They have additional tools that will help investigate this further.

I'll be sharing this article to help you understand retirement plan limits: Understand retirement plan contribution limits.

Furthermore, I'll provide this article that includes a list of payroll reports you can generate to gain valuable insights into employees' wages, taxes, and deductions, which are helpful during tax filing: Run payroll reports in QuickBooks Online Payroll.

If you have any more questions or need further assistance managing your contributions in QuickBooks Online, I'm just a reply away, @montegobay408. Have a lovely day!

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