When I produced the Tax Schedule Report, I noticed that my Salary or Wages W2 information was being derived from Wages or Salary:Gross Pay which obviously includes Pre-Tax deductions. The real W2 of course subtracts the Pre-Tax deductions for Wages, Tips and Salary. I am including the pretax deductions in the appropriate place in the paycheck entry but apparently nobody subtracts this from the gross in preparing the report. Any ideas?
Gross incuding pretax included in Wages and Salary for W2
Jan 22, 2011
3 Replies
I am using Quicken 2011, upgraded from Q2010, migrated from Money.
Hmmm.... nobody else appears to be having this problem... can I ask those who enter paychecks with pre-tax amounts how it shows up on the Tax Schedule report? Do I have to use the PreTax category and manually subtract it from the Earnings portion of the paycheck or should that be done automatically. If it is done automatically, how does it show up under the W2 section in the Tax Schedule Report?
Seems much better... two things:
1) Healthcare premiums need to be an income category - the default is a subcategory under Employer Benefits which works. If it's an expense category, however, it won't work. During the Money conversion, it was an expense category. 2) The 401K account, if it has a separate linked contributions cash account, needs to not only be marked as Tax deferred, but to have transfers into it marked as "W2 salary or wages, self". This can be done under Edit Account details/Tax Schedule. If Transfers In is blank, it won't work. Evidentially, when converted from Money, this was not done.It would be nice if this was documented somewhere...
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