401K contribution made for last year

Stephen R
Stephen R Quicken Windows Subscription Member ✭✭
edited November 2018 in Investing (Windows)
Q2018 H&B - I'm looking at my Tax Schedule Report for 2018 and I believe I have an incorrect entry.  For 2017 I made the 4 quarterly payments.  4/1, 7/1, 9/1 &  1/2/18.  After I had my 2017 taxes done, I had under estimated my MAX amount allowed.  So I wrote a check to the 401K account on 3/8/18 for tax year 2017.  
My Tax Schedule Report for 2018 is now showing it as a 2018 contribution.  How do I properly fix it so it reflects as a "2017 tax year" and not a "2018 tax year" event?
I would appreciate any advice,
Steve

Comments

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited November 2018
    Is your 401k provider showing the contribution as a 2017 contribution?

    If so, one way to handle this might be to change the check date in Quicken to 12/31/17. You will want to add a note to explain what really happened.

    I am not a tax expert, but unlike IRAs, I'm not sure you are allowed to make a cash contribution to a 401k in the new year and have it count in the previous tax year.

    https://www.investopedia.com/ask/answers/06/salarydeferral401%28k%29.asp
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  • Stephen R
    Stephen R Quicken Windows Subscription Member ✭✭
    edited October 2018
    Jim, I'm self employed and make all my 401K contribution from my checking.  You are allowed to contribute to the 401K, much the same as IRA accounts prior to tax filing date.  And the 401K provider did recorded it as a 2017 contribution.
    For the 2018 Tax Schedule Report, Quicken recognize my 4th quarter payment on I/2/18 as a 2017 tax year contribution.  And it does not show in the report.  Both checks entries (1/2/18 and 3/8/18) appear exactly the same in my checking account.  
      
    I vaguely remember seeing a dialog box popping up sometime during the Jan-Mar period on some transactions asking to click on tax year 2017 or 2018.  But I can't find any reference to it.
    Thank you for your comments,
    Steve  
  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited November 2018
    There is at Tax year entry for IRAs if you enter a contribution before April 15, but not for 401ks as far as I know.



    I guess most Quicken users have corporate 401ks, not individual.
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  • Stephen R
    Stephen R Quicken Windows Subscription Member ✭✭
    edited October 2018
    Jim, thank you...  Not the answer I was hoping for.  I thought it was my error in the way I entered it or I missed a checking/401K account field setting along the way.  I guess I just have to accept the numbers in the Tax Schedule Report and flow down to the Tax Planner are not true guides because they fall outside the ballpark.  Nothing's simple!  
    Steve
  • Stephen R
    Stephen R Quicken Windows Subscription Member ✭✭
    edited October 2018
    Jim, FYI - I found the method for it to work properly.  I did it in a reverse order than one would expect.  I was writing a check to my 401K provider with the category set for transfer to [401K Account].  The proper way seem to be start with the 401K account and enter it from there.  Make the entry as a "Cash Transferred into Account" (that dialog box has a Tax Year selection "fill in", in the Description box use the Payee name you want the check to show).  Then go to the matching entry in the checking account and fill in the check number etc...  Now both the Current Tax Schedule Reports and the Tax Center show the correct amounts.
    Steve  

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