401k Limit

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Posted on by Community Member

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

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Microsoft Dynamics GP

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Community Member on at

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RE: 401k Limit

Hi Terry:

I'm doing fine. Thank you, for asking! I hope that things are okay for you, also!

I appreciate all of this information and the quick response! Thank you!

I'll let you know, if there is anything else.

John
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Terry R Heley Microsoft Employee on at

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RE: 401k Limit

Hi John it is Terry, nice to hear from you and Happy Friday! Hope you are doing well.

There are a couple of items that come to mind when I see / hear this. One is we could have the Integrity Data product installed which allows you to combine codes and then the maximum is stopping before you think it should. You look at all the core windows they are OK, but we forget about this combined maximum they could have setup that needs to be adjusted.

Then in 2018 R2 we added some of this functionality too so you will want to verify our setup windows to see if they are using it or have it set up in this fashion.

Here is the blog on our windows and setup

community.dynamics.com/.../microsoft-dynamics-gp-2018-r2-shared-maximums-for-benefits-and-deductions

Thanks

Terry Heley
Microsoft