Employees and payroll

Hello there, @new business owner 1.

I'll help you change the maximum limit of the Simple IRA contribution for the employee who is above fifty years of age.

You need to choose the exact type of contribution for the employee so that they can have the maximum limit of $19000.

Here's how:

1. From the left menu, go to the Payroll tab.
2. Choose Employee and locate or add the employee you want to modify.
3. Add or edit contributions, select Deduction & Contribution.
4. From the Deduction & Contribution Type tab, choose a retirement plan.
5. Select the Simple IRA catch-up from the drop-down. It should now show the Annual maximum limits as $19,000.
6. Then, choose other required details from the drop-down and hit Save.

Here is an article about retirement plan contribution limits: Set up or change a retirement plan.

If you have questions about employee retirement contributions, don't hesitate to click the Reply button below. I'm always here to help. Have a great day.