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Buy nowHello there, CTCINVA.
Let me clarify why you're unable to assign a Simple IRA to your employees. I am here to walk you through each stage, ensuring that you can provide this option to your employees as swiftly as possible. Let's get started on addressing any barriers and simplifying the setup process.
Transitioning to the technical side of things, the error message you've received indicates that you are attempting to assign two similar payroll item types. To resolve this issue, we need to first remove the existing payroll item and then create or reassign a fresh one.
Here are the steps to remove the existing item:
Here's how to create a new one:
Since it is a one-time contribution, allocate the Annual maximum amount.
Once you have completed the steps mentioned above, you can refer to this article for comprehensive guidance: Set up or change a retirement plan.
Moreover, here is an article that offers a detailed analysis of the paychecks from a payroll report: Run payroll reports.
Please don't hesitate to ask any questions along the way. I'm committed to making sure you feel confident and empowered in managing your payroll in QuickBooks Online. How can I assist you further?