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How to Enter Non-Elective 401(k) Contribution

Jaz Egg

I'm a little new to tracking my 401(k) in Quicken. What's the best way to record non-elective employer contributions?

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Accepted answers

Sherlock

Assuming this is a contribution to traditional 401(k), I suggest entering a Deposit transaction directly in the 401(k) account: open the 401(k), press Ctrl + N, and select Deposit in the Enter transaction: pull-down menu. You may use the built-in _401EmployerContrib category or create your own.

All comments

Sherlock

Jaz Egg

Another question about 401(k) transactions. My quarterly statements have a gain/loss line; how would I record this?

Jim_Harman

There is no need to enter the gain/loss. It is included in the transactions you have already entered and the closing balance.

volvogirl

You shouldn't need to enter the gain/loss from the statement if you are entering each security buys and sells and dividends, etc. and the ticker symbol. Then the net value comes from the current price x number of shares.

If you don't track it as actual stock or funds I just enter mine at a $1 price and number of shares for the value and add a Reinvested Dividend for the gain.

Jaz Egg

Sorry, I'm still a little confused. My statement doesn't have a lot of information. My goal is to get my statements to match my account balance.

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Jim_Harman

You are right that the statement lacks detail, but you can derive the numbers you need with a little arithmetic. Here is how I would enter this quarter's transactions:

Deductions from your gross pay should total $99.82. transferred to the 401(k) account.

"Employer Match" would be a Deposit as @Sherlock recommends of 99.82 + 727.60 or $827.42.

[edit] or you could use the Paycheck Wizard as described here
https://community.quicken.com/discussion/7897156/how-do-you-manually-put-your-employer-s-contributions-into-your-403b-account

You should have a custom security called "Standard Portfolio Fund". You started the quarter with 34.79 units and ended with 37.95 units, so you bought 3.16 units with the total contributions of $927.24. Enter that as a Bought of Standard Portfolio Fund on 2/15 (half way through the quarter), letting Quicken calculate the average share price of about $293.43.

Enter the closing share price of 293.84 on 3/31 by going to the Security Detail view for Standard Portfolio Fund. Click on More, then Edit Price History and Add.

The result, assuming that the balances were correct at the start of the quarter, should be that all the month's contributions were used up and the closing balance should match the 3/31 statement balance.