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My pension benefit is direct deposited to my checking account.

My pension benefit is direct deposited to my checking account. How should this "net" income be categorized? Is it possible to add the gross income amount (which would be categorized as "income"?) and the state and federal income tax deductions (expenses?) in the split transaction?

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Answers

  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    edited January 2020
    We have setup a Split entry Reminder using the PAYCHECK wizard ... - teacher -
    just ignore some of the "payroll" text.  I was introduced to it here on the forum...
    I actually went back and re-entered a years worth of monthly deposits to get insight into what to expect on the 1099 that would show the - Gross - FED - Net -

    Quicken 2020 Deluxe - Subscription - Windows 10
  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    Agree with @NotACPA's approach - a simple three line split fits nicely.

    You will have to create categories for the gross pension payment and for the state and the fed withholding. The tax line assignments for these pension categories are under the Form 1099-R group.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • TedHtttt
    TedHtttt Member ✭✭
    Is there an issue with using the Paycheck Wizard for a split Pension income as described above? I've been inputting my pension as a Split Paycheck this year (my first with pension), but may not understand the consequences in planning.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    TedHtttt said:
    Is there an issue with using the Paycheck Wizard for a split Pension income as described above? I've been inputting my pension as a Split Paycheck this year (my first with pension), but may not understand the consequences in planning.
    There isn't an issue using the Paycheck Wizard to set a reminder for pension income.      Some simply find it easier to enter the appropriate transaction in the register and use the transaction to generate the reminder.
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