How do I update the contribution limit for SIMPLE IRA contributions in Intuit Online Payroll?

Answer

I’m pleased to have you here in the Community, anne

Let’s update the contribution limit for your employee’s SIMPLE IRA payroll item.

Please make sure first that your employees were aged 50 or over so you can update this payroll item as a SIMPLE IRA catch-up contribution. Here’s the article for more information about SIMPLE IRA contribution limits: Benefit Plan Limits.  

To add a SIMPLE IRA catch-up contribution payroll item, here’s how:

  1. Go to the Employees tab, then select employee's name.
  2. In the Deduction and Contributions section, select Edit.
  3. Select Add a Company Contribution.
  4. On the drop down, select New Contribution.
  5. Select Retirement Plans, then choose SIMPLE IRA Catch-up.
  6. For the Amount per period, click the drop down arrow and select $ amount or % of Disposable Income. Enter the amount or percentage rate.
  7. If using % of Disposable Income, only a single percentage can be used for a given company contribution.
  8. If you want to specify an annual maximum amount for company contributions, enter the dollar amount in the Annual Maximum field.
  9. Click Save.

For your additional guidance, you can check out this article: https://community.intuit.com/articles/1771989. You can visit the IRS Publication 560 for more information about retirement plans for Small Businesses.

This will get you going, anne. If you have other payroll concerns, please let me know. I’m just one comment away. Have a great day!

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IntuitRaymondJay , Community Support Specialist
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