I have a credit card that contributes a percentage of purchases to a 529 Plan. I haven't figured out how to enter these transactions in Quicken. I have created an investment account (for the 529 plan) which I transfer into from a bank account whenever I make a contribution. Any ideas?
'You can use the Roth IRA account type to track a 529 Plan, but Quicken will not track tax implications.'
Also, if you do a search of this forum for '529' you will turn up numerous threads on this.
Bottom line, QW can not handle all aspects of a 529, particularly tax implications, as regulations vary widely from state to state.
It's the money contributed by my credit card that I am trying to account for. I don't want to show it as income because then I would have miscellaneous income on my income taxes. I don't want to reduce any of my expenses because I can't purchase any of these items without paying the full price. I was thinking that it might be more of a purchase discount type of expense account but I'm not sure. I was hoping there may be some good suggestions from the group.
I did not read your original post carefully enough.
An example of one way you might handle this - assume CC Co contributes
1% of balance of monthly charges to the 529. You purchase a 'Widget' for $100 on your CC and you pay your CC balance from 'Checking'.Create a category, e.g., 'Income:CC 529 Contribution' w/ no tax attribute assigned. Enter a CC payment transaction; $100 transfer to CC Acct. Add split entries; +$1 categorized to 'CC 529 Contribution' and -$1 transferred to '529 Acct'. Your CC is paid in full and the two $1 transactions offset.
The 'Income' will not be reported as taxable income in QW without a tax line assignment.
Not elegant but one way to get you there, I think!
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