401(k) Employer match goes to a different account

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mtbdog
mtbdog Member ✭✭
My employer sends my pre-tax deduction to one account, the employer match to another account.

In other words, Account A gets my contribution and Account B gets the match from my employer.

In the paycheck wizard only one 401(k) is allowed; i.e., 401(k) is grayed out if you try to add another pre-tax deduction.

I have to show the match going to Account A, then enter a transfer for the 2nd amount from A to B for each pay check. How can I have two 401(k) accounts so that one will show the non-taxable match?

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    Don't record the match in your paycheck.  Set it up as a separate transactions, directly into Account B with a category that shows that it's an Employer Match.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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