What is ContribX and why did it show up in my IRA register?

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lemarchand
lemarchand Member ✭✭
in Investing (Windows)
My tax bill is automatically deducted from my checking account. This happened yesterday with no problem.

Today I went into Quicken, paid some bills and ran the auto-updajte process. At that point I had a new entry in my IRA register:
Action = ContribX
Security was blank
Description = My employer benefits category.
Description = [my bank Checking Account name] 
Inv. Amt = $470 (this is the amount that the IRS deducted from my checking account on 4/15
Cash Amt = Transfer
Cash Balance = was increased by $470

1. What is ContribX?
2. Why is a deposit being made from my checking account to my IRA account?

According to my bank statement, The IRS used an ACH debit to collect the $470 I owed in taxes.

I've had autodeductions for taxes for the last 3 years and it's never done this before. I can't find any reason why it would do this?

If anyone has any ideas on this please let me know.

Comments

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Options
    1. A ContribX is a contribution into your retirement type account from a non-retirement account.  As you've described the issue, that's the correct action for this issue (although it shouldn't have been a transfer into your retirement account in the 1st place).
    2. Go take a look, in your checking account, at the $470 deduction.  What is shown as the category for that transaction?

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Sherlock
    Sherlock Member ✭✭✭✭
    edited April 2019
    Options
    I suggest you determine the source transaction of the transfer: right-click on the ContribX transaction and select Go to transfer. If the transfer is initiated from the paycheck transaction, I suggest you correct the paycheck transaction and review the paycheck reminder and correct any errors present.  If the transfer is not from your paycheck transaction, I suggest you edit the transaction in the checking account with an appropriate category.  

    I suspect you'll find it is not an issue with the paycheck.  If so, what likely happened is you inadvertently accepted a transaction into the checking account as a transfer to the IRA account.  Perhaps the downloaded transaction was similar to a transfer performed earlier or a memorized payee.  If you haven't already, you may want to review: https://www.quicken.com/support/how-does-quicken-suggest-categories-and-payees
  • lemarchand
    lemarchand Member ✭✭
    Options
    Category in checking register = [BrokerName IRA]
    Category in IRA register = [BankName Checking]

    It makes the most sense, to me anyway, that I "... inadvertently accepted a transaction into the checking account as a transfer to the IRA account" I'll go fix the entry on the checking account register and go from there.

    Thanks for you help. I truly appreciate it.
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