Is there a way to separate TWO 401k's on the Payroll Wizard (both have employer contributions)

hlkauf

I tried setting up the Payroll Wizard for a new employer but it is only allowing for one 401k line item under Pre-Tax deductions, not two (we have two separate ones in our paycheck, both of which have employer contributions). They are both regular 401k's. I was able to set up one only and then when I try to put in the second one, the 401k/403b/457 selection is greyed out and won't let me select it. Is there something I am doing wrong? Is there a work around? Do I have to do a manual paycheck set up then?

Jim_Harman

It is certainly unusual to have more than one set of 401(k) contributions in one person's paycheck.

Are they both going to the same 401(k) account, or to different ones? If to the same account, you could combine the contributions and matches in the wizard.

If the contributions are going to different 401(k) accounts, you should be able to set up a separate paycheck with no income but just the second set of contributions.

hlkauf

No, they are two separate accounts. Yes it is unusual, but it is the government.

hlkauf

So I did some more research and I have found a better answer to your question. They actually are not two 401k's-one is a pension plan where both us and the employer contribute and the other is a 401k where both us and the employer contribute also. Does this help?

Jim_Harman

In the Paycheck Wizard, you can set up additional pretax deductions, which should work for your contributions to the pension plan. Unfortunately the wizard only allows one employer match line.

One way you could handle the employer match would be to set up a separate reminder which is simply a deposit to the pension account for the match amount.

hlkauf

Thank you so much for your feedback!

Chris_QPW

One thing that might help in this is understanding what Quicken does in paycheck reminder for 401Ks "behind your back".
If you right click on a paycheck in the register and select Add Reminder, it starts to create a regular reminder with all the this filled in, and shows exactly what is in the split, if you drill down into the Split.

So your contribution part is just a transfer to that account.
For the Employer match they play a game, they put in the transfer, and then they zero it out using the _401EmployerContrib category.  That allows the tax reports and such to pick it up.

You can use this to setup the other reminder that Jim was talking about, or use this fact to do the same thing in the paycheck reminder.


Note you have to enter this amount (11.11) in this case to be the same amount on both lines for it to work right.
And as a double check I vies it as a split reminder again: