Kevin Standlee (kevin_standlee) wrote,
Kevin Standlee

  • Mood:

Doggone Quicken, Anyway

Some time ago, I used one of those low interest rate credit card offers to refinance some debt down to 3.99%, and I've been paying it off at a reasonable rate. However, I managed to get a payment in one day late (cut things too fine), and under the terms of the deal, the rate immediately defaulted up to 16.9%. I've decided to take a loan off of my 401(k) plan (7% rate and the interest goes into my own account) to pay that debt and then cancel that card.

Now I have to try and get my Quicken accounting software to recognize this and set it up correctly. This isn't the first 401(k) loan I've taken, but the previous one existed before I started using Quicken. When I first set up my 401(k) inside Quicken, it walked me through the process of setting up an existing loan (which was paid off some years ago). Now it doesn't seem to have any sensible way of creating a new loan in an existing 401(k). Quicken's documentation tells me to make selections that are grayed out when I try to select them. (The instructions say that these functions should be available on the level of Quicken I have, so that's not the reason.) The information in Quicken's support forums tells me to click on buttons that don't exist, even in my most-recent Quicken 2006. The screenshots in the support forums (which purport to be of the current version) don't match what I see on my screen. I tried Quicken's tech support, and they referred me to the paid tech support at $30-plus for "information about investments." This is highly aggravating! A 401(k) loan is a fairly complex transaction internally, but it shouldn't be this difficult to set it up! I want this set up correctly, because it will scramble my accounting otherwise.

Anyone out there have any experience setting up a 401(k) loan within Quicken?

  • Expected Result

    So, as expected, most of the Republican members of the US Senate decided that it was more important to be loyal to Great Glorious Dear Leader in…

  • Frustrating Day

    I tried watching the defense phase of the Second Trump Impeachment trial, but it was just too aggravating. Trump's attorneys' arguments are absurd.…

  • Precedent Sustained

    I was able to watch much of today's first day of the Second Trump Impeachment trial. Today was dedicated to debating the procedural question of…

  • Post a new comment


    default userpic

    Your reply will be screened

    Your IP address will be recorded 

    When you submit the form an invisible reCAPTCHA check will be performed.
    You must follow the Privacy Policy and Google Terms of use.