Tell me about setting up a paycheck


The Paycheck Setup wizard helps you enter all the income and deductions listed on your paycheck. Quicken uses this information in tax-related planners and calculators. You can even import this information into TurboTax.
 
The types of payroll deductions and transfers that you want to include are:
  • W-2 income
  • Deductions for state and federal taxes
  • Pre-tax deductions, such as 401(k) contributions
  • After-tax deductions, such as employee payments for health insurance
  • Transfers to flexible spending accounts or employee stock purchase plans

If this is a new paycheck that you need to add to Quicken, you can follow an easy one-time setup to identify the appropriate deductions and transfers. If this is an existing paycheck that you still need to add deduction and transfer information for, then you simply need to edit the existing paycheck.

In most cases, you can use the same paycheck for as long as you stay with the employer. Each time you enter the paycheck in the register—or tell Quicken to enter it for you—the paycheck will include all the specified deductions. In the future, if there is a significant change in your paycheck amount or payroll deductions, edit the single paycheck to account for these changes.

 

Setting up tax-related accounts

In addition to your paycheck, consider adding these tax-related accounts.

Quicken account Real-world account
Primary checking Charitable and medical expenses
A primary checking account is where you pay most of your bills and record any tax-related transactions, such as paycheck deposits, charitable donations, medical expenses, and nonreimbursable work-related expenses.
Non-tax-deferred investments Capital gains and losses
Add at least your non-retirement accounts—any investment account where you potentially pay capital gains taxes or write off losses.
House Mortgage interest

Use the House account and linked mortgage to track tax-deductible mortgage interest.

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Tip: To find out which version of Quicken you are using, open Quicken go to Help menu and select About Quicken.