Hi there, KansasCPAwow. Welcome to the thread.
You're right that as of 2023, employees face Simple IRA contribution limits of $15,500. And if you’re over the age of 50, you’re eligible for a total contribution of $19,000.
To set up the retirement plan for the age over 50, you'll have to select the Simple IRA Catch-up as the plan type. This way, the annual maximum limit will be set to $19,000. And I'll be happy to guide you how.
- In the left menu, click Payroll.
- Go to the Employees tab.
- Locate and select the employee.
- Choose the Profile tab and click Edit in the Deductions & contributions section.
- Click the + Add deduction/contribution link.
- In the Deduction/contribution type dropdown menu, choose Retirement plans.
- Select Simple IRA Catch-up as a Type.
- Set the other necessary fields.
- Click Save when done.
To know more about tracking retirement plan, see these articles:
If you want to run payroll reports in QuickBooks Online to view info about your business and employees, you can read this article for the detailed steps: Run payroll reports.
Don't hesitate to let me know if there's anything else I can do to help. I'm always here to assist. Have a nice day!
