How to correctly set up paycheck with Roth 401(k)?

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daveouka
daveouka Member ✭
in Budgeting and Planning Tools (Windows)
There is no after tax deduction option for "Roth 401k" so I have to enter its an "other after tax deduction". Under category/account, I select my 401(k) account. The problem then is my 401k account then shows a cash balance when in reality none exists. The transactions downloaded for that account are only share purchases.
What am I missing on how to set this up accurately? Shouldn't Quicken have an after-tax 401(k) option and capability?

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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited August 2019
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    So you literally have cash deducted from your paycheck and this is not reflected in the downloads from whatever Financial Institution (FI) is the custodian of the 401(k)?
    I'd guess the "share purchases" you're downloading from the FI are "Add" actions since a traditional "Bought" action reduces cash and the FI shows no cash in the account; "magic happens" and the cash you send to them instead shows up as shares of securities.
    If the FI is not showing any "cash" activities - cash transferred in and cash used for security purchases - I'd say you either need to edit the downloads or delete them and substitute your own "Buy" actions in Quicken.
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