Variable RSP contributions

I am salaried, however, due to the nature of our business, I am paid OT and DT. My contribution amount is based on my gross pay and whatever percentage I elect to contribute, and has a company match of 75% (can't beat free money).

When setting up the IRA in Quicken, I see where I can enter a fixed amount to be deducted from my paycheck and a fixed employer amount, but RARELY are two of my paychecks the same. Why can't Quicken use a percentage of Gross Income as the employee, and then a percentage of that for Employer Matching? I wouldn't think that would be a hard calculation to implement. Besides that, without a feature such as this, I have to manually review all the statements from my IRA provider and manually enter the Employer contributions. The downloads from the site do not seem to include those in the data, but does include my contributions and the shares purchases, and all other transactions. This makes it somewhat laborious to try to track an IRA in Quicken.

Comments

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    That would be a nice improvement to the Paycheck Wizard - allow the user to enter  401(k) contributions and employer match amounts as either set amounts or a percentage of gross pay.

    This would be helpful but would not work for every situation, for example when the employer match has a cap at a certain percentage.

    Perhaps one of the moderators can convert this to an Idea post
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  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
    By the way, that sounds like a 401K and not an IRA.  IRA you contribute to outside of work and without employer match.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Or is this RRSP, which is the Canadian version of an IRA? But that would not have an employer match either I think.
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  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    These accounts are available for all individuals (like a US IRA or Keogh, etc.) and also can be setup by an employer, to allow for employer contributions (like SEP-IRAs and "qualified plans" plans in US).

    Frankx

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