Hi, @GBuyalos. Thanks for getting back here.

Yes, that is possible if you want the employees under 50 and 50+ to be separated in the reports.  But you can also use the same item for the simple IRA and you'll just need to add the catch-up plan item for the 50+ employees. 

You can also see this article if you want to learn about the yearly retirement plan contribution limits. 

Let me know if you have any other questions about payroll items. I'm always around to help. Stay safe and have a good one!