401K Match - Safe Harbor

Question

Hello! Does anyone have a KB article or procedure for creating a safe harbor 401K match calc in Sage 100 Contractor? EX: 100% of the first 3% and 50% of the next 2%

Char DeLange · Answer

You will need two calculations to do two different % and maximums and "base" them on the employee's contribution. However since employees can sometimes choose a flat $ or %, you will also need calcs for that and the age limits for the employee deductions. I usually set up a min of 8 calculations for the standard match up to 3%, so you will need an extra for each employee deduction as well.

Char DeLange · Answer

Hi Lela 
 I found this on the internet :)

How much can you contribute to Roth IRA and 401k in same year? 
 You can split your annual elective deferrals between designated Roth contributions and traditional pre-tax contributions, but your combined contributions can't exceed the deferral limit - 
 $22,500 in 2023; $20,500 in 2022; $19,500 in 2021 
 ($30,000 in 2023; $27,000 in 2022; $26,000 in 2021 if you're eligible for catch-up ..

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401K Match - Safe Harbor

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