Tax impact of 401k ??

What Quicken year, version, release?

I don't recall seeing anything specifically like this.

I do recall that at least one recent version of Quicken could double up transfers from paychecks, if the paycheck transaction was modified in the payment account register. You didn't say that your 401k account had duplicate contributions ... does it?

John--

I recently encountered this same issue following our recent exchange regarding Tax Attributes.

My "paycheck" entries are established manually (although because they repeat every paycheck with minor $ amount differences, it takes only a minute to input current details).

Two of my paycheck entries are labelled "401(k) Contribution" and "401 (k) Catch Up Contribution", with the Quicken Category as [Current Employer 401(k)]. No "Tax Attribute" is associated with these 2 lines. [We will come back to this in a moment.]

When running the Tax Schedule Report, these enties will generate the following lines:

W-2 Salary or wages, self

1/XX/2010 Tax Impact of 401(k) Accounts MiscExpX My Paycheck Track 401(k) contributions for tax planning _401Contrib ($________) [FOR REGULAR CONTRIBUTION]

But if I set the Tax Attributes for the 2 401(k) contribution entries in my paycheck to "W2: Salary or wages, Self" because that is in fact the cash flow and tax consequences of funding my 401(k) plan, I too generated the double entries that Apothecon discovered.

So, my suggestion to Apothecon is to show no Tax Attribute to his 401 (k) deduction from his paycheck.

I'm not going to argue with your advice (though I don' think it will be good for those who want to export to a tax prep program) - but I can't duplicate your results.

I am looking in Q2010 RPM, R5. I have a couple of paycheck wizard transactions with pre-tax 401k contributions (one for me, one for spouse) in a test file. They are categorized to the Quicken default categories, _401Contrib (tax line item, "W-2:Salary or wages, self") and _401ContribSpouse (tax line item, "W2-:Salary or wages, spouse") There is no duplication in the Tax Schedule report ... nor in any other place I can see.

Still looking for some additional conditions that could cause the problem. Including the Quicken year, version, release being used.

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