Issues setting up 401k loan

My 401K always has a zero cash balance. But when I took out my 401K loan, I had a downloaded transaction for the sale of shares that equates to the amount of the loan. Now my account has a cash balance of $50K.

So I read an article by Sherlock on how to set up a 401K loan but it's not doing what I think it should be doing. I click on my 401K account, then click on Holdings. Clicking the gear icon under Account Attributes I selected Create New Loan. Clicked ok.

It appears to have created an asset account of 50K and a loan account of -$50K. When I entered my first paycheck with a loan payment, it added it to the 401K account as a Xin. Which only managed to increase my cash balance. It did not seem to effect the asset or loan accounts.

Maybe I don't understand how Quicken handles 401K loans but it would seem that the account balance should match what I see when I log into my account's website.

Any help on getting this correct would be appreciated.

Thanks!
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Answers

  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    Hello @Muzicman61

    Thank you for taking the time to visit the Community to post your issue, although I apologize that you have not received a response.

    Are you able to provide a link to the instructions in which you were following? This would help me and others follow along with your issue.

    If not, are you able to capture a screenshot of the issues you are seeing? Once you have a screenshot you may drag the image to the comment box to share it with the Community.

    The more information you can provide regarding this issue will help the Community to better understand and assist.

    Thank you,

    -Quicken Tyka 

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  • muzicman61
    muzicman61 Member ✭✭
    https://community.quicken.com/discussion/7852015/401k-loan-setup

    I've pretty much described it as best I can. Screenshots aren't likely to help.