Paycheck and pre-tax deductions
in [Quicken]
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From: CarlS on 16 Jan 2010 12:54 I have an issue related to the one discussed here: http://www.rockryno.com/quicken/Setting-up-a-complex-Paycheck-in-Quicken-20647-.htm I have two pre-tax deductions set up, which work fine for getting the money to the proper accounts. The problem is, no matter how I try to set them up, only one shows up as reducing my gross income in my tax planner or tax summary report. Both accounts are set up as pre-tax accounts. I tried setting up the paycheck as a regular split transaction, but then neither works in the tax planner. My workaround is to make an adjustment in the tax planner. Any suggestions? ------------------------------------- Carl Stammerjohn ##-----------------------------------------------## Newsgroup Access Courtesy http://www.rockryno.com/ Tax and Accounting Software Forums Web and RSS access to your favorite newsgroup - alt.comp.software.financial.quicken - 20215 messages and counting! ##-----------------------------------------------##
From: John Pollard on 16 Jan 2010 13:27 CarlS wrote: > I have an issue related to the one discussed here: > http://www.rockryno.com/quicken/Setting-up-a-complex-Paycheck-in-Quicken-20647-.htm > > I have two pre-tax deductions set up, which work fine for getting the > money to the proper accounts. The problem is, no matter how I try to > set them up, only one shows up as reducing my gross income in my tax > planner or tax summary report. Both accounts are set up as pre-tax > accounts. > > I tried setting up the paycheck as a regular split transaction, but > then neither works in the tax planner. > > My workaround is to make an adjustment in the tax planner. > > Any suggestions? Make sure the deduction that doesn't appear in the Tax Planner has the correct Tax Line Item assigned (in the Category List). -- John Pollard news://<YOUR-NNTP-NEWSERVER-HERE>/alt.comp.software.financial.quicken Your source of user-to-user Quicken help
From: CarlS on 18 Jan 2010 00:24 CarlS had written this in response to http://www.rockryno.com/quicken/Re-Paycheck-and-pre-tax-deductions-20821-.htm : I tried to do that, but can't figure out what line item to use. The deduction shows up on my W-2, line 12E. It doesn't show up anywhere on my tax return as far as I can tell. It, along with my PERS deduction, just decreases my gross wages. ##-----------------------------------------------## Newsgroup Access Courtesy http://www.rockryno.com/ Tax and Accounting Software Forums Web and RSS access to your favorite newsgroup - alt.comp.software.financial.quicken - 20251 messages and counting! ##-----------------------------------------------##
From: Oilcan on 18 Jan 2010 11:15 For those of thus that don't know what Box 12E means, it refers to "Elective deferrals under a section 403(b) salary reduction arrangement". As for how to enter this in Quicken I don't know. -----Original Message----- From: CarlS [mailto:woodworkercs_at_pobox_dot_com(a)foo.com] Posted At: Sunday, January 17, 2010 9:25 PM Posted To: alt.comp.software.financial.quicken Conversation: Paycheck and pre-tax deductions Subject: Re: Paycheck and pre-tax deductions CarlS had written this in response to http://www.rockryno.com/quicken/Re-Paycheck-and-pre-tax-deductions-20821 -.htm : I tried to do that, but can't figure out what line item to use. The deduction shows up on my W-2, line 12E. It doesn't show up anywhere on my tax return as far as I can tell. It, along with my PERS deduction, just decreases my gross wages. ##-----------------------------------------------## Newsgroup Access Courtesy http://www.rockryno.com/ Tax and Accounting Software Forums Web and RSS access to your favorite newsgroup - alt.comp.software.financial.quicken - 20251 messages and counting! ##-----------------------------------------------##
From: John Pollard on 18 Jan 2010 11:49
Oilcan wrote: > For those of thus that don't know what Box 12E means, it refers to > "Elective deferrals under a section 403(b) salary reduction > arrangement". As for how to enter this in Quicken I don't know. I think you'd want the deduction to be assigned the same Tax Line Item as the Gross ... to reduce the amount of the Gross. If one deduction is being treated correctly, but the other not; make the incorrect deduction look like the correct one. If these deductions are transfers to a tax-deferred account, I think it's likely that the Tax Line Item is assigned to the transfers into the tax-deferred account (which are categories). You can see which transfer categories have Tax Line Items assigned by looking in the Category List - transfer categories are at the end of the list. To assign a tax line item to a transfer category; see the "Set tax attributes" choice in the "Options" button on the Account Attributes pane on the Overview tab of the tax-deferred account. -- John Pollard news://<YOUR-NNTP-NEWSERVER-HERE>/alt.comp.software.financial.quicken Your source of user-to-user Quicken help |