Tell me about entering paycheck information, including payroll deductions
Most of the information you need for tax planning is probably found on your paycheck. The Quicken Paycheck Setup wizard helps you enter the income and deductions listed on your paycheck in an easy one-time setup. After that, you simply enter a single transaction. You can split your paycheck deposit into categories to track W2 salary income, state and federal payroll tax deductions, pre-tax deductions (such as 401(k) contributions), insurance deductions, and any transfers that your paycheck contains (such as to an employee stock purchase plan). This information is then available for use in the Tax Planner and various tax estimators - you can even import this information into TurboTax.
What can I do?
Frequently asked questions
- What if part of my paycheck has tax implications?
You can set up entire accounts as tax related so that transfers into or out of the account are assigned to specific tax schedules. You can also mark an account as tax deferred.
For example, set up a 401(k) account as tax deferred. Set up your paycheck to transfer your 401(k) contribution to your 401(k) account. When you enter your paycheck in Quicken, your taxable wages are reduced by the 401(k) contribution, and your 401(k) account balance is increased.
- What currencies are supported?
The Paycheck Setup wizard supports only U.S. currency. If you add a non-U.S. currency account in Quicken, you cannot select it for your paycheck 's deposit account or for use as a transfer account such as 401(k), flex spending, dependent care, loans, ESPP, and so on.