My new employer offers a 401k with both before-tax and after tax contributions. Has anyone come across this? How would you set up the 401k account in Quicken if contributions are both before-tax and after tax?
Yes, I took advantage of it back when I was still getting a paycheck.
I'll assume you are using QW's 'Paycheck' and QW's 401k account.
Enter your pre-tax contributions and employer match [if any] in the appropriate section of the paycheck.
Enter the after-tax contribution using 'Other After-Tax Deduction' and show as transfer to the 401k account. Have tested this and QW seems to handle it correctly from a tax reporting standpoint.
Can not give you a definitive answer but it involves filing IRS Form
8606. This form apparently calculates the taxable/non-taxable portions of the distributions.Here is a link to a thread in another forum which briefly discusses this:
Unfortunately, QW does not have the ability to handle a partially taxable distribution - while keeping the tax reporting function correct. With this situation, and the advent of the Roth 401k, QW will hopefully upgrade the 401k account feature.
FWIW, I managed to avoid the distribution issue - not by design. I rolled the 401k acct over to another tax-deferred vehicle. This was before recent tax law changes and the FI issued two checks; one for the exact cumulative total of ny after-tax contributions [non-taxable distribution] and a second check for everything else [tax-deferred distribution]. The later was deposited too the new account and my distributions are 100% taxable as ordinary income.
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