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401k Reversal

Hello, my employer has to reverse 401k deductions and 401k matches for the end of the year due to 401k participation levels within the company. In my most recent paycheck this shows up as a negative 401k deduction on my paystub. Unfortunately I am not able to enter a negative 401k deduction (positive) in Quicken. How do I reverse 401k contributions in Quicken? The challenge I have is the reversal is greater than my paycheck gross amount. I have to introduce funds into the payroll wizard in a way that the funds won't inflate my annual gross income but will be available to deposit into my checking account.

Best Answer

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    I suggest you edit the paycheck transaction as a split in the register: press Ctrl + Shift + S    The reimbursements should be transfer entries from 401(k) account and you should clear any tax-line assignment on the entries.  The employer's contribution may be removed with a _401EmployerContrib category entry.  Your contribution may be removed with a _401Contrib category entry and added with a Salary category entry.

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    I suggest you edit the paycheck transaction as a split in the register: press Ctrl + Shift + S    The reimbursements should be transfer entries from 401(k) account and you should clear any tax-line assignment on the entries.  The employer's contribution may be removed with a _401EmployerContrib category entry.  Your contribution may be removed with a _401Contrib category entry and added with a Salary category entry.
  • markmarks
    markmarks Member
    Thanks Sherlock! Worked perfectly. Happy New Year!
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