nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

What is ContribX and why did it show up in my IRA register?

lemarchand

My tax bill is automatically deducted from my checking account. This happened yesterday with no problem.

Today I went into Quicken, paid some bills and ran the auto-updajte process. At that point I had a new entry in my IRA register:
Action = ContribX
Security was blank
Description = My employer benefits category.
Description = [my bank Checking Account name]
Inv. Amt = $470 (this is the amount that the IRS deducted from my checking account on 4/15
Cash Amt = Transfer
Cash Balance = was increased by $470

1. What is ContribX?
2. Why is a deposit being made from my checking account to my IRA account?

According to my bank statement, The IRS used an ACH debit to collect the $470 I owed in taxes.

I've had autodeductions for taxes for the last 3 years and it's never done this before. I can't find any reason why it would do this?

If anyone has any ideas on this please let me know.

Find more posts tagged with

Comments

NotACPA

1. A ContribX is a contribution into your retirement type account from a non-retirement account. As you've described the issue, that's the correct action for this issue (although it shouldn't have been a transfer into your retirement account in the 1st place).

2. Go take a look, in your checking account, at the $470 deduction. What is shown as the category for that transaction?

Sherlock

I suggest you determine the source transaction of the transfer: right-click on the ContribX transaction and select Go to transfer. If the transfer is initiated from the paycheck transaction, I suggest you correct the paycheck transaction and review the paycheck reminder and correct any errors present. If the transfer is not from your paycheck transaction, I suggest you edit the transaction in the checking account with an appropriate category.

I suspect you'll find it is not an issue with the paycheck. If so, what likely happened is you inadvertently accepted a transaction into the checking account as a transfer to the IRA account. Perhaps the downloaded transaction was similar to a transfer performed earlier or a memorized payee. If you haven't already, you may want to review: https://www.quicken.com/support/how-does-quicken-suggest-categories-and-payees

lemarchand

Category in checking register = [BrokerName IRA]
Category in IRA register = [BankName Checking]

It makes the most sense, to me anyway, that I "... inadvertently accepted a transaction into the checking account as a transfer to the IRA account" I'll go fix the entry on the checking account register and go from there.

Thanks for you help. I truly appreciate it.