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Lifetime planner Tax Deferred accounts

JRW1

I have two tax deferred accounts through an employer. The 401(k) tracks correctly through the Lifetime planner but another account I have with deferred comp places the deposits in the taxable accounts section. Not a big deal, but I was wondering if the LT planner assumes only one tax deferred account (excluding spouse account).

Windows Classic premier R65.29

Thanks.

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Accepted answers

Scooterlam

You can have more than 1 tax-deferred account in Lifetime Planner. How is your Deferred Comp account defined? That is, is this account defined as a IRA (or similar) account type in Quicken?

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Scooterlam

You can have more than 1 tax-deferred account in Lifetime Planner. How is your Deferred Comp account defined? That is, is this account defined as a IRA (or similar) account type in Quicken?

JRW1

Thanks, now I see that both of the accounts employee deferrals are included on the deposits line for tax deferred accounts under the summary, that is where I was looking.

The deposits line is lower than I expected because it does not include the employer contribution and match which is up in the income section.

Thanks.

Scooterlam

https://community.quicken.com/discussion/comment/20529529#Comment_20529529

It's been since 2021 that I dug into tax-deferred handling in LTP. A thought…. I wonder if your "employer contribution" + "your contributions" exceeds the maximum allowable tax-deferred, yearly contributions in LTP and LTP is putting the excess into the taxable line in the plan summary?

As of 2021, LTP allowed a 15k contribution to 401k and 5500 to IRA accounts. I doubt that it has been increased. Sadly, Quicken product has been MIA with regard to managing LTP against changes in law.

Have a look and see if that may be happening.

JRW1

I think you are correct, it doesn't have to do with employee or employer portion it has to do with a limit. I just can't figure out where it is getting the limit but that's fine.

I am getting close to retirement so I am strategizing for how I will end up in tax deferred, taxable and Roth balances and would like to be able to project those in LTP but I am doing it in excel.

Still love my Quicken Classic. Thanks for the help