Let me share the steps to add your catch-up contribution and resolve the error message you've gotten, @mjoycthomas.
When setting up a retirement plan for your employees in QuickBooks, you can only choose one deduction for your 401k contribution. If you've already set up a 401k contribution, this may be the reason why you're receiving an error message when attempting to add the catch-up contribution.
That said, you'll need to delete the other contribution that you've already set up. Let me guide you on how:
- Go to the Payroll tab and select Employees.
- Select the employee's name.
- From the Deductions & Contributions section, click Edit.
- Choose the deduction you want to remove by clicking the Trash bin icon.
Once done, you may want to add a new 401k Catch-up retirement plan. See the steps below:
- Go to the Payroll tab and select Employees.
- Select the employee's name.
- From the Deductions & Contributions section, click Edit.
- Click the + Add deduction/contribution.
- In the Deduction/contribution dropdown arrow, select the + Add deduction/contribution.
- Choose Retirement plans in the Deduction/contribution type.
- On the Type dropdown, choose 401 (k) Catch-up.
For more details about setting up deductions in QuickBooks, see this article: Set up a retirement plan.
Moreover, I'll include these links about the yearly retirement plan contribution limits and managing payroll reports:
Please know that you're always welcome to comment below if you have other concerns or follow-up inquiries about managing your contributions in QBO. I'm just around to help. Take care always.
