Paycheck Issue with 401K Account

pmw0813
pmw0813 Quicken Windows Subscription Member ✭✭

I have two issues:

It is NOT showing my Roth 401K account for the paycheck, why?

I thought I could correct it after the fact. How can I view a paycheck split using the normal split view?

Answers

  • Quicken Anja
    Quicken Anja Moderator mod

    Hello @pmw0813,

    We appreciate you reaching out!

    I'd like to attempt to replicate this, however, could you please provide the exact steps you are taking? Please also include screenshots if possible. If needed, please refer to this Community FAQ for instructions on how to attach a screenshot. Alternatively, you can also drag and drop screenshots to your response if you are not given the option to add attachments.

    Thank you!

    -Quicken Anja
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  • pmw0813
    pmw0813 Quicken Windows Subscription Member ✭✭

    I am not near my machine. But I creates on offline Roth 401K account. When I use the paycheck wizard, the account does not show up when I try to use the pre-Tax 401K selector. To get around this, I chose ‘other post-tax’ and put it there.

  • Chris_QPW
    Chris_QPW Quicken Windows Subscription Member ✭✭✭✭

    A Roth IRA is post tax. You contribute to a Roth IRA with income that has already been taxed, and then from there on you pay no taxes on either the gains or the withdraws. A traditional 401(k), you contribute from income that has not been taxed, and pay taxes on everything that you withdraw when you retire.

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  • pmw0813
    pmw0813 Quicken Windows Subscription Member ✭✭

    I know the differences. The issue is with the paycheck wizard, it is not showing the Roth account on the list of accounts.

  • Chris_QPW
    Chris_QPW Quicken Windows Subscription Member ✭✭✭✭

    But you just said that you use the other post tax selection to get around your problem. That is the proper selection for a Roth 401 K account. As far as I know, there isn’t a dedicated line for the Roth 401(k) contribution.

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  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited January 23

    There is now a line in the Paycheck Wizard for Roth 401(k) contributions, but only for one Roth account. Are you trying to add a second Roth contribution?

    Is your Roth 401(k) a separate account from the main 401(k), or are they combined into one account? I tried setting up a separate account for the Roth 401(k) but like you are seeing, it is not listed among the available accounts when I try to set up a Roth 401(k) contribution.

    I am running R60.20

    This feature appears to still be only partially implemented and is not documented at all. Please see this discussion for more information

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  • pmw0813
    pmw0813 Quicken Windows Subscription Member ✭✭

    I am having the same issue. What i did and hope it works, is selected the ‘Other After Tax’ and chose my Roth account. Unfortunately I need to manually adjust about 25 paychecks, but that is a minor impact.

  • Chris_QPW
    Chris_QPW Quicken Windows Subscription Member ✭✭✭✭

    @Jim_Harman said:

    Is your Roth 401(k) a separate account from the main 401(k), or are they combined into one account? I tried setting up a separate account for the Roth 401(k) but like you are seeing, it is not listed among the available accounts when I try to set up a Roth 401(k) contribution.

    When I try it and I'm on (R6.20 too) I see all my investment accounts, including ones that aren't even retirement accounts. Very strange problem.

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  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭

    I see all my accounts except for 401(k)s as options for the Roth 401(k) deduction. So if you set up the Roth 401(k) account as a Roth IRA, it is available as I see it is in your list.

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  • Chris_QPW
    Chris_QPW Quicken Windows Subscription Member ✭✭✭✭

    Oh, that explains it. None of my accounts are setup as Roth 401(k)s.

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  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭

    The real problem is that Quicken does not have a Roth 401(k) account type, the closest is Roth IRA. Regular 401(k)s are excluded from the list.

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