Solution Properties
Solution ID:
220924150010114
Last Modified Date:
Mon Nov 21 17:55:39 UTC 2022
Taxonomy Path:
Category//Setup and configuration//Users//Preferences
Author:
sageadmin
How to manually update benefit limits
Description

www.irs.gov/

Cause
Resolution
[BCB:1:Backup warning:ECB]

Note: The limits in this article are examples; to obtain the correct limits for your retirement plan(s), please visit the IRS's website listed in the Additional Information section or contact your plan provider.

  1. Click File, Payroll Formulas, User-Maintained...
  2. Select the current year formula for the benefit being updated from the Formula ID drop-down list (for example, 401K EE 13).
  3. To change the catchup limit, edit CLIMIT=; for example, CLIMIT=23500 becomes CLIMIT=23000.
  4. To change the standard limit, edit LIMIT=; for example, LIMIT=2000 becomes LIMIT=2500.
  5. Click Save.
  6. If you have multiple retirement plans, or retirement plans to which both the employee and company contribute, repeat Steps 2-5 to update their limits as needed.
  7. Close User-Maintained formulas.
Steps to duplicate
Related Solutions