Paycheck Setup Not Allowing 401(k) Account

Scott Howell

I just had to create a new paycheck reminder due to adding a 401(k) loan deduction for my end-of-month paycheck. (Which differs from the mid-month). However, with the new paycheck, I am unable to add an actual post-tax deduction for my actual Roth 401(k) contribution to the correct account (It doesn't even show up). The Loan Payment and pre-tax deductions are fine, but not the actual "normal" Roth Contribution.

Is there a way around this?

-Scott

Ver: R62.16; Build: 27.1.62.16, Windows 11 Home

Quicken Screenshot (25-05-01).jpg

Quicken Jasmine

Hello @Scott Howell,

Thanks for reaching out!

This issue often arises when the Roth 401(k) account isn't set up in a way that Quicken recognizes as compatible with the Paycheck Setup Wizard.​ Below are some steps and links that may assist you:

1. Verify the Account Type:
   • Navigate to Tools > Account List.
   • Locate your Roth 401(k) account and click Edit.
   • On the Account Details tab, check the Account Type.
   • Ensure it's set to 401(k). If it's set to Roth IRA or another type, Quicken may not display it as an option for Roth 401(k) contributions.​
2. Create a New Account if Necessary:
   • If the account type is incorrect and cannot be changed, you'll need to create a new account:
     • Go to Tools > Add Account.
     • Select 401(k) as the account type.
     • Name it appropriately to reflect that it's your Roth 401(k) account.
3. Set Up the Paycheck Reminder:
   • Use the Paycheck Setup Wizard to create your paycheck reminder.
   • In the After-Tax Deductions section, select Roth 401(k).
   • Assign the newly created Roth 401(k) account to this deduction.​

Additional Considerations:

It's important to note that Quicken's support for Roth 401(k) accounts is somewhat limited. There have been discussions in the Quicken Community highlighting that Quicken doesn't fully differentiate between traditional and Roth 401(k) contributions in all aspects, such as tax reporting and the Tax Planner. Some users have employed workarounds, like setting up separate accounts or using specific categories, to better track these contributions.​

For more detailed information and community discussions on this topic, you may find the following threads helpful:

• What is current/correct way to setup Roth 401k account?
• Should Roth 401k contributions be categorized as "_401Contrib"?
• New Roth 401k feature not working correctly

I hope this helps!