What is "tax impact of 401(k) accounts"?

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Barbara Acosta
Barbara Acosta Member ✭✭✭
in Reports (Windows)
I just generated by tax schedule report and it included a list of transactions under an account called tax impact of 401(k) accounts." I did not create this account and I don't understand it. I am no longer working and I don't have any 401(k)s.

Best Answer

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Answer ✓
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    This is an internal account that Quicken uses to track tax related info about any 401(k) accounts. This account is normally hidden but appears in the account customization list for the Tax Schedule and Tax Summary reports.

    Search the in-product Help for Tax impact for more info.


    QWin Premier subscription

Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Answer ✓
    Options
    This is an internal account that Quicken uses to track tax related info about any 401(k) accounts. This account is normally hidden but appears in the account customization list for the Tax Schedule and Tax Summary reports.

    Search the in-product Help for Tax impact for more info.


    QWin Premier subscription
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited February 2020
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    You probably have an investment account that is incorrectly set up as a 401K when it should have been set up as some other type of retirement or non-retirement investment account. 
    Pull up your Account List and click on "Investments".  Do you see any retirement accounts listed?  If so, click on the edit button for the account(s) which will bring up the Account Details pop-up and look to see what Account Type is listed there.
    If you find an account that was incorrectly set up as a 401K you won't be able to convert it to another type of investment account.  Instead, you should deactivate online services for your 401K account, then set up a new investment account with the correct type and after you are comfortable that the new account is set up fully and accurately, delete the 401K account.  (Be sure to back-up your file before doing these things in case something goes wrong.)

    (Quicken Classic Premier Subscription: R55.15 on Windows 11)

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