How to manually update benefit limits

How to manually update benefit limits

Support Team Asked on January 6, 2018 in Sage.
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    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

    Source: Sage Community forums.

    Disclaimer: Sage Accounting Solution is an independent provider of Sage Related services and is not affiliated with Sage.

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    Support Team Answered on January 6, 2018.
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