New Roth 401k functionality
Comments
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I was wondering what this new functionality actually does. The only thing that I can see it has done is add a Tag called Roth401(k) Contributions and if you run the income statement by Tag you will see the contribution seperate from any other Tags you might be using.
If the function is doing anything else I will be interested in know what it is doing.
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Hello @Just Me and Not Someone Else,
Thank you for reaching out to the Community. In addition to being able to track Roth 401k contributions in the Tax Center, it has also been added to the paycheck wizard (in income reminders), if you use that feature. It was added into the Add After-Tax Deduction dropdown.
Thank you.
Quicken Kristina
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That's my point though, it does not track as roth in tax center or tax reports, it tracks as a standard 401k contribution, and deducts it from your taxable income, which is not how roth or after-tax contributions work. There isn't any troubleshooting needed, it isn't an error just a problem with how they designed this "feature".
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Good catch on the tag, I assumed it was a category it was attempting to show. So potentially useful having the tag, but very misleading since it is still deducting it from your taxable income, which it shouldn't be. If they can do a "transfer and tag" they should be able to do a "transfer and categorize" instead, and not send it through that hidden 401K account to cause it to get flagged as pre-tax.
Definitely not implemented correctly the way it is now.
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Hello All,
Thank you for taking the time to visit the Community to report this issue, though we apologize that you are experiencing this.
We have forwarded this issue to the proper channels to have this further investigated. In the meantime, we request that you please navigate to Help > Report a problem and submit a problem report with log files attached in order to contribute to the investigation.
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Thank you.
(CTP-6727)
Quicken Kristina
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yes, I reported the problem, but it's like a black hole :-(
it will help to have some feedback like a JIRA ticket or even internal issue ID for the ref
Best Regards0 -
How about Employer Matching? This does not show up for the Roth 401K entry.
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