Hello there, @new business owner 1.
I understand your worry about changing the current simple IRA to catch up and the fear of deleting the employee's previous contributions. I'm here to ensure all contributions are accounted for and handled correctly.
Editing the contribution in QuickBooks isn't available. The only option is to delete the old setup and create a new one, as QuickBooks does not allow the same type to be used simultaneously.
If you delete the simple IRA and create a new IRS catch-up, it will stay there and won't be affected. The old one won't work if the limit has been reached, so you need to delete it and create a new one so that it can be deducted again with that catch-up limit.
Here's how:
- Navigate to Payroll, then Employees.
- Choose your employee.
- From Deductions & contributions, select Edit.
- Select the Trash bin icon to remove the contribution.
- Click Save, then Done.
Once done, create a new contribution in your QBO account. For detailed steps, you can utilize this article: Set up and manage company contributions.
Additionally, run a company contribution report to track your company-paid contribution. For more details, you can review this link: Run payroll reports.
Keep me in the loop if you have further queries about managing and setting up your company contributions in QBO. I'm here to help make sure we get this configured properly without disrupting anything you've already set up.
