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Subject Author Date
Tracking 529 Plan Accounts C Gillespie 04-21-2006
Posted by C Gillespie on April 21, 2006, 3:40 am
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 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?



Posted by JM on April 21, 2006, 9:52 am
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>From QW's Help;
'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.


Posted by C Gillespie on April 21, 2006, 10:43 am
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> >From QW's Help;
> '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.



Posted by JM on April 21, 2006, 11:57 am
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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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