New 401(k) loan manual deduction type

Hello and welcome to Changelog, your roundup of everything new in Justworks. This week, we launched a new manual deduction type for external 401(k) plans, “401(k) loan repayments (after-tax)”.

Table of Contents

Companies using a 401(k) provider outside of Justworks can now set up 401(k) loan repayments as a manual deduction on employee paychecks. With this update, the 401(k) loan repayment deduction will be included on the Retirement Report, eliminating the need to find loan repayment amounts on the Payroll report. All your important retirement information is now in one place.

Your employees will still see the 401(k) loan repayments as a miscellaneous after-tax deduction on their paystubs. Click here for information on how to set up manual deductions in Justworks.

As always, we’re here 24/7 if you have any questions.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.

Check out our newsletter

Monthly tips on running a business in your inbox.

Check out our newsletter

Monthly tips on running a business in your inbox.

View other updates

Scale your business and build your team — no matter which way it grows. Access the tools, perks, and resources to help you stay compliant and grow in all 50 states.

View All Updates