Tax Form And Line For 401k

cblock

First time user on the community!

For 401k contributions, what do I select as a tax for and line?

jacobs

For 401k contributions, what do I select as a tax for and line?

For withholding from your paycheck for your personal contribution to the 401k? For an employer's matching contribution to a 401k?

Contributions to a 401k are not taxable, so please explain what you're trying to track for tax purposes?

cblock

Hi Jacobs,

I am trying the use the Tax Schedule to reflect my W2 statement. I do itemize each paycheck (gross income, 401k, federal withhold, state withhold, social security, medicare). So my Quicken Tax Schedule matches the W2 in those categories. But to get to W-2 wages (box 1), I need to add taxable benefits and group term life, and subtract 401k contributions and Section 125 cafeteria plan (haven’t figured that one out yet). But to focus on 401k contributions, can a tax form and line number be assigned to 401?

Jon

I don’t think so, because there’s no line on your 1040 where you fill in your 401k contributions. I don’t think the Tax Report can replace your W2.

jacobs

it sounds like you could construct a transaction or summary report including just the categories for your income and all deductions, with a bottom line being your W-2 income.

volvogirl

When my husband was working for the state I never could match up his paychecks to the W2. Too many things post tax and pretax. I made big excel spreadsheets.

cblock

Thanks much for the quick and insightful responses. It this point, I’m not sure how much I gain from it and therefore do not consider it a problem worth solving. I am considering using the ability to export the Tax Report into TurboTax and will be curious how automated the W2 data entry from Quicken is. No further response needed. Thanks again.