Tax Planner problem with Roth 401K contrib and Employer Match

frazsuz

Seems a recent update has started causing a problem with the Tax Planner both showing the Roth contribution subtracted from income and the match into Traditional is showing as an addition to income! I got around the match by making it a separate reminder transaction to coincide with the paycheck. However, I can't figure out a workaround for the Roth. It was not doing this until sometime in the last 2 weeks, as since the last paycheck I started noticing the numbers were wonky.

Quicken Kristina

Hello @frazsuz,

Thank you for letting us know you're seeing this issue. To clarify, you're seeing 2 separate issues with how paycheck reminders reflect in the Tax Planner:

1. Roth contributions are being subtracted from income
2. Employer matching for Traditional IRAs is showing as additional income.

Is that correct?

You mentioned this started in the last couple weeks. Do you recall if you first noticed this shortly after a program update?

I look forward to your reply!

frazsuz

Roth contributions are being subtracted from income; that is correct.

I think I misstated on the matching contributions; they also are being subtracted from income, as if they are coming out of the paycheck. It was the lower tax obligation that I noticed.

I know it started in the last couple of weeks because I saw the tax planner bottom number change a lot; that's when I looked to see what it was doing, and saw that it was subtracting the 401(k) matching from income. When today's paycheck came in, I saw in the Taxable Income YTD portion of the Tax Planner page that it was subtracting only today's Roth 401(k) contribution from income. The figure there does not include any prior contributions from this year; only the one from today's paycheck. I can't tell you if it was tied to an update or not.

I'll appreciate any guidance!

Quicken Kristina

Thank you for your reply,

Based on your description, it sounds like, so far, this issue with employer matching showing as a deduction in the Tax Planner has happened only once. Is that correct? How do you have the traditional IRA set up in your Paycheck Reminder? Is it a pre-tax or after-tax item? If you have Employer matching, did you select the pre-tax 401/403/457 option?

How do you have your Roth 401k set up in the paycheck reminder? Is it a pre-tax deduction or an after-tax deduction? Is your Roth account set up as a 401k account in Quicken, or a different account type? (Note: if it's a 401k account type in Quicken, you won't see an option to set it up in the paycheck reminder as an after-tax deduction from the paycheck).

I look forward to your response!

frazsuz

It has only happened with the most recent paycheck, that is correct. I suspect it will happen on the next one, next week. (Paychecks biweekly.)

The match is set up as only the matching going into the pre-tax 401 (NOT IRA). The Roth 401 contribution is after-tax and set up as an after-tax contribution. The Roth is set up as a 401 in Quicken. I have been able to enter the Roth contrib as an after-tax, so I am confused by your statement. It has always worked fine until this last occurrence and there were no changes I made.

This is really gov't TSP not 401k but treated same.

Quicken Kristina

Thank you for your reply,

I can see that the issue you're describing with Roth contributions showing up in the Tax Planner was reported to our teams a couple days ago. That part of the issue is being worked on under ticket QWIN-24988.

Are you seeing future employer matching showing in the projected transactions in the Tax Planner?

Thank you!

frazsuz

"Are you seeing future employer matching showing in the projected transactions in the Tax Planner?"

Yes, I am seeing them there, and they are being subtracted from income. Thus, my Tax Planner was coming up with incorrect income. I am glad to know it's not just me and it is being worked on.