Tax reports twice the same _401Contrib - how to fix it?

mikek753

hi all,

I have current quicken R25.10
in the PayCheck under before tax I have contribution transfer to DCP account, set as Category for that account.
the DCP is "deferred compensation plan"
https://www.investopedia.com/articles/personal-finance/102215/benefits-deferred-compensation-plans.asp

the DCP account is setup as 401k and "tax deferred" - yes
it's empty for both in Tax Schedule for in and out transfers

however, in the tax report and tax planner I have double subtractions for this _401Contrib that makes any tax planning just invalid, it shows in result negative Salary

how I can fix that double reporting of before tax contribution?

thanks

Sherlock

mikek753 said:

thanks for the reply.

no, there is just 1 paycheck in the Checking account that has just 1 before tax contribution to DCP account
the DCP account also shows just 1 Xln transfer for the date

yes, the double in the tax planner and tax summary report
yes, those are shown in "Tax impact of 401(k) accounts ...."

how I can fix it?

thanks

First, save a backup (press Ctrl + B).

One way to access the special Tax Impact of 401(k) Accounts register is to create a temporary transaction in an account with the category: [Tax Impact of 401(k) Accounts], right-click on the transaction and select Go To matching transfer.

Once you have access to the register, you should be able to select the duplicate entry and delete it (press Ctrl + D).

Sherlock

mikek753 said:

thank you for the guidance
yes, I manually removed extra duplicates

how to make sure I'll NOT get duplicate in the future? when I'll accept new PayCheck transaction?

it also uncovered another issues - I don't see expected 401k contributions, but only DCP
both are in the same PayCheck in the before tax , just to two different accounts, both are 401k and tax deferred type

in addition my contribution to HSA (another tax deductible) is missing, the same from before tax and on the same PayCheck

how I can fix it to have all before tax recorded correctly into this hidden Tax Impact accounts?
are there any other Tax Impact account type besides 401k type?
like HSA and DCP type?

thanks

I suspect the pre-tax transfers to distinct 401k accounts in the paycheck reminder may the source of the issues.  I suggest the DCP account be setup as a a tax-deferred brokerage account instead of a 401k account.

Jim_Harman

Does the transfer show up twice or for twice the proper amount in the DCP account?

Are there double transactions in the Tax Summary report? What I see there is that the deductions are recorded in a special account called "Tax impact of 401(k) accounts"

mikek753

thanks for the reply.

no, there is just 1 paycheck in the Checking account that has just 1 before tax contribution to DCP account
the DCP account also shows just 1 Xln transfer for the date

yes, the double in the tax planner and tax summary report
yes, those are shown in "Tax impact of 401(k) accounts ...."

how I can fix it?

thanks

Sherlock

mikek753 said:

thanks for the reply.

no, there is just 1 paycheck in the Checking account that has just 1 before tax contribution to DCP account
the DCP account also shows just 1 Xln transfer for the date

yes, the double in the tax planner and tax summary report
yes, those are shown in "Tax impact of 401(k) accounts ...."

how I can fix it?

thanks

First, save a backup (press Ctrl + B).

One way to access the special Tax Impact of 401(k) Accounts register is to create a temporary transaction in an account with the category: [Tax Impact of 401(k) Accounts], right-click on the transaction and select Go To matching transfer.

Once you have access to the register, you should be able to select the duplicate entry and delete it (press Ctrl + D).

mikek753

thank you for the guidance
yes, I manually removed extra duplicates

how to make sure I'll NOT get duplicate in the future? when I'll accept new PayCheck transaction?

it also uncovered another issues - I don't see expected 401k contributions, but only DCP
both are in the same PayCheck in the before tax , just to two different accounts, both are 401k and tax deferred type

in addition my contribution to HSA (another tax deductible) is missing, the same from before tax and on the same PayCheck

how I can fix it to have all before tax recorded correctly into this hidden Tax Impact accounts?
are there any other Tax Impact account type besides 401k type?
like HSA and DCP type?

thanks

Sherlock

mikek753 said:

thank you for the guidance
yes, I manually removed extra duplicates

how to make sure I'll NOT get duplicate in the future? when I'll accept new PayCheck transaction?

it also uncovered another issues - I don't see expected 401k contributions, but only DCP
both are in the same PayCheck in the before tax , just to two different accounts, both are 401k and tax deferred type

in addition my contribution to HSA (another tax deductible) is missing, the same from before tax and on the same PayCheck

how I can fix it to have all before tax recorded correctly into this hidden Tax Impact accounts?
are there any other Tax Impact account type besides 401k type?
like HSA and DCP type?

thanks

I suspect the pre-tax transfers to distinct 401k accounts in the paycheck reminder may the source of the issues.  I suggest the DCP account be setup as a a tax-deferred brokerage account instead of a 401k account.

mikek753

hi Sherlock,

at 1st - thanks a lot for your help.
yes, I created new DCP as Brokerage type and moved all transfers from old DCP account to new.

yes, it looks like fixed forecast,

but what do I do with old, already recorded PayChecks with 401k contributions that are not in "Tax Impact of 401(k) Accounts" and nether in the Tax Planner ?

Mike.

Sherlock

mikek753 said:

hi Sherlock,

at 1st - thanks a lot for your help.
yes, I created new DCP as Brokerage type and moved all transfers from old DCP account to new.

yes, it looks like fixed forecast,

but what do I do with old, already recorded PayChecks with 401k contributions that are not in "Tax Impact of 401(k) Accounts" and nether in the Tax Planner ?

Mike.

The safest option is probably to reenter the problematic paycheck transactions.  

mikek753

hmm ...
I removed old transaction and entered new from bill pay reminder for that old date, but it didn't record any to "Tax Impact of 401(k) Accounts" and as result nothing in the tax planner for the past

somehow paycheck doesn't do what it suppose to do for _401Contrib

what else I can try?

Sherlock

mikek753 said:

hmm ...
I removed old transaction and entered new from bill pay reminder for that old date, but it didn't record any to "Tax Impact of 401(k) Accounts" and as result nothing in the tax planner for the past

somehow paycheck doesn't do what it suppose to do for _401Contrib

what else I can try?

Perhaps the paycheck reminder also needs to be recreated.

mikek753

thanks for the reply

I recreated Paycheck, removed old and create new than entered new transaction with new PayCheck - it didn't help me :-(
the "Tax Impact of 401(k) Accounts" didn't get expected contribution
after many tries I figure out it has something to do with 401k account, but I can't figure out how to fix broken or missing links to the "Tax Impact of 401(k) Accounts" from this 401k

the 401k looks like setup correctly with all expected attributes

I created new 401k, but went with manual setup steps, no online to Fidelity
and I just changed in existing PayCheck transaction for 401k to use new account and in result the 401k contribution is apperied in "Tax Impact of 401(k) Accounts" and Tax Planner and Summary also show it correctly

now I need to figure out what to do the next?
at what step and how to connect new 401k account to online Fidelity? as I want to download new transactions / securities automatically

I plan to "move" all transactions from old 401k to new account as well

any ideas?

thanks

Mike

Sherlock

mikek753 said:

thanks for the reply

I recreated Paycheck, removed old and create new than entered new transaction with new PayCheck - it didn't help me :-(
the "Tax Impact of 401(k) Accounts" didn't get expected contribution
after many tries I figure out it has something to do with 401k account, but I can't figure out how to fix broken or missing links to the "Tax Impact of 401(k) Accounts" from this 401k

the 401k looks like setup correctly with all expected attributes

I created new 401k, but went with manual setup steps, no online to Fidelity
and I just changed in existing PayCheck transaction for 401k to use new account and in result the 401k contribution is apperied in "Tax Impact of 401(k) Accounts" and Tax Planner and Summary also show it correctly

now I need to figure out what to do the next?
at what step and how to connect new 401k account to online Fidelity? as I want to download new transactions / securities automatically

I plan to "move" all transactions from old 401k to new account as well

any ideas?

thanks

Mike

Sounds like you're on the right track.  After you've reentered the problematic paycheck transactions, moved the appropriate transactions, and deactivated the Online Services of the original account the original 401k, you may should be able to setup the Online Services for the new 401k.

mikek753

thanks for the help
yes, recreated 401k account and move transactions from old to new
the Tax Planner and Summary show all Ok as expected
I run File Validation and all are Ok
I created a lot of backup to make sure I can get back to any point to restore and restart from "good" to move forward

till I run online update the Tax Planner sees and shows all as expected
however, I hit the wall and Tax Planner doesn't work as expected

but after the online update the Tax Planner doesn't see any scheduled DCP, 401k at all
nothing for DCP and 401k as negative values are shown as scheduled and in result it gets way higher than expected Wages and shows high Total Tax

how do I get out of this situation and get Tax Planer back to pickup scheduled?

if I restore from "good" the Tax Planner shows all Ok, but after the online update it doesn't
I tried the same 3 times with the same bad result

any ideas?

Mike