How to manually update benefit limits
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.
- Click File, Payroll Formulas, User-Maintained…
- Select the current year formula for the benefit being updated from the Formula ID drop-down list (for example, 401K EE 13)
- To change the catchup limit, edit CLIMIT=; for example, CLIMIT=23500 becomes CLIMIT=23000
- To change the standard limit, edit LIMIT=; for example, LIMIT=2000 becomes LIMIT=2500
- Click Save
- 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
- Close User-Maintained formulas
Source: Sage Community forums.
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