Tax Planner: Roth IRA Contributions As Wages

Volumes8323

Hello,

I am a Quicken Classic Deluxe user. I just discovered Tax Planner (after 4 years of using Quicken…), but I realized after opening it for the first time that the portion of my net salary I have directly deposited into my Roth IRA by my employer is not being counted as Wages and Salary - Self. I have manually categorized those deposits as Net Salary in my Roth IRA, but they are not showing up in Tax Center as such. I have changed the Tax Schedule for the Roth so that transfers to the account would be "W-2:Salary or wages, self", but since the contributions I make to my Roth are direct from my employer and not transferred from my checking account, this did not change anything. Are there any settings I can change to make these Net Salary transactions in an investment account show up in Tax Planner? Any alternative ways to categorize direct deposits into Roth IRAs?

Thank you much!

Jim_Harman

Are you using the Paycheck Wizard to record your paychecks? That should be able to handle your Roth contributions correctly. To access the Wizard, you should go to Planning > Tax Center and click on Add Paycheck. The wizard will also handle tax and other withholdings.

You will be starting from your gross pay, not net, and what is left over after the deductions will be recorded as a deposit in your checking account.

Jim_Harman

Are you using the Paycheck Wizard to record your paychecks? That should be able to handle your Roth contributions correctly. To access the Wizard, you should go to Planning > Tax Center and click on Add Paycheck. The wizard will also handle tax and other withholdings.

You will be starting from your gross pay, not net, and what is left over after the deductions will be recorded as a deposit in your checking account.

Volumes8323

Thank you so much Jim, that was exactly what I needed!