Employer paid benefit

Mark256
Mark256 Member ✭✭
edited November 2018 in Investing (Windows)

My employer gives me a match for my 401(K) account AND now a
new match for my Deferred compensation account. 
My paycheck is set up for the 401 match, but how do I add the new
Employer paid benefit?  I tried to set up
a new secondary paycheck for this one transaction but there is no place to put
in just the employer paid benefit.  This
is NOT a before or after tax deduction from me. 
It is money from my employer going into my deferred comp account.

Comments

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited November 2018
    If you haven't already, you may want to review: https://getsatisfaction.com/quickencommunity/topics/best-method-for-tracking-deferred-compensation-m...

    I suggesting adding the employer paid benefit to the paycheck by selecting Add Earning >  Other Earning and boosting the pre-tax deduction to the deferred-tax account used to track the deferred compensation. 
  • Mark256
    Mark256 Member ✭✭
    edited May 2018
    Sherlock said:

    If you haven't already, you may want to review: https://getsatisfaction.com/quickencommunity/topics/best-method-for-tracking-deferred-compensation-m...

    I suggesting adding the employer paid benefit to the paycheck by selecting Add Earning >  Other Earning and boosting the pre-tax deduction to the deferred-tax account used to track the deferred compensation. 

    Sherlock, this is not a pre tax deduction or an after tax deduction.  It is not income.  This is money from my employer used to purchase the mutual funds in my deferred compensation account.  Every time i try to do anything Quicken wants me to select a category.  This transaction does not affect checking account cash or income. I already have a button for "Employer Match": for my 401 K.  Is thre a way to add a button for employer match for my deferred comp?  

    Perhaps you are suggesting a workaround, but i don't know what you mean by "boosting the pre-tax deduction to the deferred-tax account used to track the deferred compensation."  Also, if i  add other earnings that will make my taxable income go up.  I am confused.  Maybe you could use an example?   Thanks.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited May 2018
    Sherlock said:

    If you haven't already, you may want to review: https://getsatisfaction.com/quickencommunity/topics/best-method-for-tracking-deferred-compensation-m...

    I suggesting adding the employer paid benefit to the paycheck by selecting Add Earning >  Other Earning and boosting the pre-tax deduction to the deferred-tax account used to track the deferred compensation. 

    Mark,

    I think Sherlock means "posting" not "boosting"
    QWin Premier subscription
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited May 2018
    Sherlock said:

    If you haven't already, you may want to review: https://getsatisfaction.com/quickencommunity/topics/best-method-for-tracking-deferred-compensation-m...

    I suggesting adding the employer paid benefit to the paycheck by selecting Add Earning >  Other Earning and boosting the pre-tax deduction to the deferred-tax account used to track the deferred compensation. 

    Granted, it is neither a pretax deduction nor a tax deduction ... but Q limits you to a single "Match" value being transferred to a single account.
    SO, your choices are:
    1) Use that single match field to transfer the TOTAL of employer Match funds to a "holding account" and then split the amounts to the proper real account your self, OR
     
    2) transfer all of the employer funds to one of the accounts ... and then transfer the appropriate amounts to the other accounts, OR 
         
    3) use Sherlock's suggestion.     
    That Q only allows the singe match value is, indeed, a shortcoming ... but until they expand that capability, you've been informed of your options.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited May 2018
    Sherlock said:

    If you haven't already, you may want to review: https://getsatisfaction.com/quickencommunity/topics/best-method-for-tracking-deferred-compensation-m...

    I suggesting adding the employer paid benefit to the paycheck by selecting Add Earning >  Other Earning and boosting the pre-tax deduction to the deferred-tax account used to track the deferred compensation. 

    I meant to type:

    I suggest adding the employer paid benefit to the paycheck by selecting Add Earning >  Other Earning and posting a pre-tax deduction of the deferred compensation as a transfer to a tax-deferred account by selecting Add Pre-Tax Deduction > Other Pre-Tax Deduction used to track deferred compensation.

    I understand deferred compensation is not current income.  You can assign a non-income category to the earning if you like.  I preferred to use unique income categories for deferred compensation (for example, Deferred Salary and Deferred Match).  By handling the transfer to a tax-deferred account as a pre-tax deduction, there isn't any current income associated with the deferred compensation being handled on the paycheck - similar to the 401(k) and other tax-deferred employer match programs.
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited May 2018
    Sherlock said:

    If you haven't already, you may want to review: https://getsatisfaction.com/quickencommunity/topics/best-method-for-tracking-deferred-compensation-m...

    I suggesting adding the employer paid benefit to the paycheck by selecting Add Earning >  Other Earning and boosting the pre-tax deduction to the deferred-tax account used to track the deferred compensation. 

    From C. D. Bales:


    As I think it should already be clear, Quicken did not anticipate more than one "employer match" per paycheck.


    I suspect you will be ok with the suggestions you have already received. But if you're not, I think there is one other possibility.


    It is possible to create paycheck transactions that cause more than one "employer-match" type "deduction" to occur. That is: transactions that do not create any income-like additions to the deposit account, but which create deposits from the employer to an investment account.


    There are a couple of variations on the workaround; but since I have no reason to believe either will be better for you than the suggestions you have already received, I will leave it to you to let me know if you are interested.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
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