How do I set up a Simple IRA pre-tax deduction on paycheck and then have it contributions made?

rhenry1031

I can set the pre-tax deduction in paycheck but I'm unsure how to have it contributed to Simple IRA of multiple funds. For example, $300 deducted from check but don't know the exact fund ratio that it will be applied when it gets contributed to the Simple IRA account with Capital Groups that consists of multiple funds. Appreciate any advice.

Jim_Harman

The Paycheck wizard will transfer the cash to the account. If you can download transactions from Capital Group, the downloads will indicate which securities were purchased and at what prices. 

If you can't downlaod transactions, you might want to create a Memorized Investment Transaction Group (see Quicken Help for more info) to record the purchases. However since Quicken does not know how many shares of each security were purchased, you will need to edit the transactions to enter the correct data.

volvogirl

So you set up a Capital Group Investment Account.
The paycheck Deduction is a transfer to it.
The cash sits in the investment account and builds up.
Then you have to manually enter buy transactions to use the cash or download the buys.

rhenry1031

What you're saying makes sense but when I started the account with Capital Group, it downloaded the 3 funds into 3 separate accounts it appears. This is the challenge as I can't just transfer the cash into one account and then have it distributed between the 3 funds. What am I missing or how can I correct?

Thanks for your replies and assistance.

Jim_Harman

You should be able to make separate transfers to the 3 accounts if necessary, matching the total that is withheld from your paycheck. 

rhenry1031

Thanks...unfortunately it's not turning out to be as automated as I would like. Challenge is Capital Group downloads as 3 separate funds and allocating isn't guaranteed to always be same.

Appreciate the insights.

Jim_Harman

It's not the same dollar amount to each fund each time? Or is it doing some sort of automatic rebalancing? If so, maybe you can turn that off and rebalance manually when the funds get out of proportion.