Tax Planner: 401k contributions are being reported twice

I've set up my paychecks with a separate line in the split to record the amount being sent to my for my 401k account (category is the actual Quicken account). The tax planner is showing both the transfer from my paycheck AND the transfer (Xln) into my 401k account as reductions to income in the tax planner. Therefore, the amount is subtracted from wages twice in my estimates which then gives an inaccurate estimate of my annual taxable wages. How do I prevent one or the other from being included in the tax planner?

Best Answer

  • WCK
    WCK Member ✭✭
    Accepted Answer
    I think I found the solution. When I went back into the Account Details window for the 401k account, specifically the Tax Schedule button; I first cleared the tax line entries in the "Transfer In" pull-down as suggested. Then, I reentered the W-2 impact and Quicken offered to delete all those entries in that hidden account called Tax Impact of 401k account. Thank you both for your input!!! You got me on the right track to solve this issue!

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Can you please capture one or more images of the parts of your Quicken window showing the issue, sensitive information blacked out as necessary to protect your privacy but annotated to describe the situation, and attach the image(s) here? I'd like to see the paycheck split detail view where the 401(k) transfer is defined. Is it possible you have somehow managed to record two transfers?

    The Windows Snipping Tool (available with Windows 7 and up) can be used to capture a partial screen image and save it to a file.  Microsoft Paint can be used to annotate the image.
    https://support.microsoft.com/en-us/help/13776/windows-use-snipping-tool-to-capture-screenshots
    To take a screenshot in Mac please see https://support.apple.com/en-us/HT201361
    Please create image files of type PNG, JPG or GIF only.
    To attach the image here, start composing your reply in the "Type your comment" box at the bottom of this webpage. Drag and drop the image or, at the top of the text entry window you'll see a row of icons beginning with B I S
    Click the "Attach image" icon (the one that looks like a tiny landscape with mountain and sun). It will allow you to select and upload the captured image file(s) from your computer. The captured image(s) will be inserted at wherever the cursor is located in the text.
  • markus1957
    markus1957 SuperUser, Windows Beta Beta
    Check the Account Details window for the 401k account, specifically the Tax Schedule button; there should be NO tax line entries in the "Transfer In" pull-down. If it's working correctly, the Paycheck wizard should be tracking the tax line in a hidden account called Tax Impact of 401k account.
  • WCK
    WCK Member ✭✭
    Thank you for your help!! I just realized it isn't showing up twice, but three times. I don't feel comfortable taking a picture of my actual date, but below is the impact from the Tax Summary report. I obviously changed the account names and amounts, but this shows the idea. The first two are "tax impact of 401(k) accounts" the third line is the transfer from my savings account to the 401k account. Everything reconciles to my bank so there are no duplicate transfers/deposits. Is there a way to simply remove the "tax impact of 401(k) accounts"?

    Date Account Num Memo Category Tax Item Amount

    9/5/2019 Tax Impact of 401(k) Accounts MiscExpX Track 401(k) contributions for tax planning _401Contrib W-2:Salary or wages, self -25

    9/5/2019 Tax Impact of 401(k) Accounts MiscExpX Track 401(k) contributions for tax planning _401Contrib W-2:Salary or wages, self -25

    9/5/2019 Savings XXXXX DEP [401k] W-2:Salary or wages, self -25
  • WCK
    WCK Member ✭✭
    Markus, I did have the transfers set up to go to w-2:salary or wages,self! I just removed that but now I have four lines marked Xln. It seems Quicken is doing something with these behind the scenes that I need to reset.
  • WCK
    WCK Member ✭✭
    Accepted Answer
    I think I found the solution. When I went back into the Account Details window for the 401k account, specifically the Tax Schedule button; I first cleared the tax line entries in the "Transfer In" pull-down as suggested. Then, I reentered the W-2 impact and Quicken offered to delete all those entries in that hidden account called Tax Impact of 401k account. Thank you both for your input!!! You got me on the right track to solve this issue!
  • WCK
    WCK Member ✭✭
    I'm sorry to say that what I thought fixed my problem was temporary. Now, I'm getting other strange entries for bizarre amounts. There are now multiple entries dated 0/0/54276 for $10,651,518,894.08. Help!
  • UKR
    UKR SuperUser ✭✭✭✭✭

    If you haven't rebooted Windows since you installed the latest software update, please do so now and then try Quicken again.

    Still not working?

    Let's try some "Troubleshooting 101" to ensure the Quicken software is installed and updated properly and that your data file is in good working order.
    Please perform all the steps in this document:
    Troubleshooting 101 - Fixing Software Installation and Data File Problems

  • WCK
    WCK Member ✭✭
    I did all the troubleshooting, but still have those odd transactions in the tax planner. I don't want to go back in time because I don't know how long ago this error began. I've deleted my paycheck reminder and added it back using the wizard. I've also set up my 401k account as recommended above. I'm hoping that now it'll work for 2020. Thanks again everyone!
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