My next paycheck will have 401k and catch-up deducions into a new account. How do I set up this new

Frederick H Bahr
Frederick H Bahr Member ✭✭
edited October 2018 in Investing (Windows)
My next paycheck will have 401(k) and 401(k) catch-up contributions into a new 401(k) account. These contributions will vary week to week.  How do I set up connectivity for transaction download from the 401(k) account since there are no transactions yet?  When I attempt to set up the account then add download functionality to the account I am getting stuck.
Quicken 2017 Deluxe Version R6 Build 26.1.6.1

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    A bit more info needed.  Is this new 401k in addition to an existing 401k?  Or are you contributing to a 401k for the first time?  Or is this new 401k a replacement for an existing 401k?

    re: setting up the account. It doesn't need transactions in order to be created ... BUT the account DOES need to exist at the bank/brokerage/etc.  SO, for no, I'd just create it as a Manual account ... and add connectivity later. 

    BTW, what FI will be holding this new 401k, so I can look up if they provide connectivity into Q?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Frederick H Bahr
    Frederick H Bahr Member ✭✭
    edited October 2018
    New 401k.
    Yes, first time to this 401k.
    Merrill Lynch Retirement Group.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited June 2017

    New 401k.
    Yes, first time to this 401k.
    Merrill Lynch Retirement Group.

    AAAHHH, now I understand the issue.  ML Retirement Group ONLY supports Web Connect ... where you log into their site and initiate the download yourself from their web.

    10779    10779    10779    Merrill Lynch Retirement Group    http://www.benefits.ml.com    see http://www.benefits.ml.com    http://www.benefits.ml.com    ACTIVE         401K&WEB-CONNECT              NOT_QBP    NA
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Frederick H Bahr
    Frederick H Bahr Member ✭✭
    edited June 2017

    New 401k.
    Yes, first time to this 401k.
    Merrill Lynch Retirement Group.

    So thanks for the research.  Can the account be set up with "Web Connect" as the method, rather than "Direct Connect"?  I thought I remember setting up my Bank with the Web Connect option for a time until an issue was resolved by my bank.
  • Frederick H Bahr
    Frederick H Bahr Member ✭✭
    edited June 2017

    New 401k.
    Yes, first time to this 401k.
    Merrill Lynch Retirement Group.

    On the site, I have created an account.  There is a link on the front page named "Download to Quicken".  It leads to this:

    Download Your Balances To Quicken

    Merrill Lynch supports Intuit's Web Connect, allowing you to download your balances and account history (up to 90 days) from Merrill Lynch directly into Quicken. Choose the accounts that you would like to export. You must choose at least one account in order to proceed and no more than five per download.


    Is that what I will have to do/use?

  • Frederick H Bahr
    Frederick H Bahr Member ✭✭
    edited June 2017

    New 401k.
    Yes, first time to this 401k.
    Merrill Lynch Retirement Group.

    FYI.  I tried the download, then an "File Import" into Quicken.  It fails with an "OL-221-A "Quicken is unable to complete your request."  On that pop-up is also a OL-221-B.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited June 2017

    New 401k.
    Yes, first time to this 401k.
    Merrill Lynch Retirement Group.

    Yep, "Download to Quicken" is what you'd use.  I don't have any "Web Connect" only accounts ... but I think that if your just set it up for MLRG you should be OK.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited June 2017

    New 401k.
    Yes, first time to this 401k.
    Merrill Lynch Retirement Group.

    Here's the info about that OL-221, both versions.  https://www.quicken.com/support/error-message-ol-220-ol-221-ol-222-ol-223-ol-224-ol-225-or-ol-226-wh...
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Frederick H Bahr
    Frederick H Bahr Member ✭✭
    edited June 2017

    New 401k.
    Yes, first time to this 401k.
    Merrill Lynch Retirement Group.

    So the OL-221 info is not helpful in the least.  It basically says contact Support.  That's not ideal, but ti looks like that's what I may have to do.  Your thoughts?
  • Unknown
    Unknown Member
    edited June 2017
    There are many OL-221-A & -B discussions in the forum here.  You might get some helpful nudges toward a solution.  In addition to contacting the financial institution for help, the common thread is that the institution might not offer the service you're looking for anymore or in the way that Quicken thinks they do.  A QFX file should not require a separate login, so that should work if the file is correctly formatted.  There might still be an institution reflected in the transactions, but that's embedded in the file, not pulled from an online source.  I would be very surprised that ML did not offer an effective means to download transactions to Quicken.
  • Frederick H Bahr
    Frederick H Bahr Member ✭✭
    edited July 2017
    I am now able to "Download  to Quicken" from the ML site.  It worked successfully.  This case is resolved.  Thanks.
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