QB Issue Resolution:

There’s a different way of setting up 401(k) Catch-up, craibuc.

 

The default limit for 401(k) is $19, 500. For employees over 50 years, we can set up 401(k) Catch-up for the additional $6, 500 for a total of $26, 000, which is the limit for the year 2020.

 

401(k) and 401(k) Catch-up are two different payroll items. The screenshot you’ve provided is only for 401(k). You can follow these steps to add 401(k) Catch-up:

  1. On the employee profile, click +Add a new deduction.
  2. Select Deduction/contribution > New deduction/contribution > Retirement Plans > 401(k) Catch-up.
  3. Enter the other details needed, click OK to save.

401.PNG

You can also read this guide about payroll: Payroll 101.

Resolution for Issue 'When the %$*@# is Intuit going to allow people over 50 to contribute the extra money ($6000 for 2019; $6,500 for 2020) to their 401k?' available: Yes (Solved).
Source: Intuit Community forum.

When the %$*@# is Intuit going to allow people over 50 to contribute the extra money ($6000 for 2019; $6,500 for 2020) to their 401k?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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