Tell me about setting up a paycheck
- 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.
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.
Use the House account and linked mortgage to track tax-deductible mortgage interest.