What if Quicken tells me my new 401(k) account will also apply to my 401(k) loan payment when setting up a paycheck?

If you now contribute to a different 401(k), edit the contribution to go to the new 401(k) account. How you treat the loan repayments will depend upon whether your new plan administrator now handles the loan, whether you paid off the loan when you stopped contributing to the old 401(k), or whether you opened a new 401(k) but still pay off a loan attached to the old 401(k) account.

• If your new 401(k) administrator now handles the loan, edit the 401(k) contribution to go to the new account. Quicken will automatically apply the loan repayments to the same 401(k) account.
• If you paid off the loan, edit the 401(k) contribution to go to the new account and then delete the line item for the loan repayments. You may first need to roll over the 401(k) account or make a loan payment for the outstanding loan amount in order to pay down the loan.
• If you are still paying off the old plan administrator, but not contributing to that plan, then you'll have to manually enter the payments until the loan is paid off. First, delete the 401(k) loan payment line item from this paycheck and edit the 401(k) contribution to go to the new account. Then, when you receive your paycheck , in the property account for the 401(k) loan, create a transfer to the debt account for the 401(k) loan. The amount of the transfer should be equal to the principal amount of the loan payment. Do this with every paycheck until the loan is paid off, and then hide the accounts in Quicken.