Hello:
An end user has issue with the annual 401k limit in payroll not calculating correctly.
At the beginning of 2020, the annual limit was changed to the 2020 contribution limit of $19,500.
When reviewing an individual who has reached the limit for 2020, the payroll deduction discontinued after reaching $19,000 - the limit for 2019.
We have checked all set-up options; all limits are set at the $19,500 and the payroll deduction report produced when running payrolls is showing the $19,500 maximum limit.
Any ideas?
Thanks! Much appreciated!
John