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jmharris
09-14-2004, 08:57 AM
We will have a SIMPLE-IRA plan in place for 2005. Can the 401-k setup in the Payroll Wizard be used to get it started?
Concerns that I see are mostly with:
a) Simple IRA rules are slightly different than 401-k
b) Catch-up provisions (different limits) for employees older than 50. My payroll wizard didn't address catch-up limits for 401-k.
c) Getting the right code in the right box and the annual total in the right box for printing W-2s