Quicken does not differentiate between interest, dividends, sales in tax defered IRA/401K accounts a

Robert Edgar

Quicken does not differentiate between interest, dividends, sales in tax defereed IRA/401K accounts and taxable accounts, distorting taxable income calculations.  I am using Quicken 2018 V. R6.11 and Windows 10.

mshiggins

What report are you using? Are you using one of the Tax reports?

K.O. (Win-Premier)

Further to what Ms. H asked, why do you think what you said?  I use Win2018 and it does differentiate Divs and Interest.  Are you referring to downloaded transactions or manual entry?  

Tom Young

Well if you run some report - a "Spending" report by Category let's say - and include every Account in your file then you're right; you'll get line items for Interest, Dividends and Capital Gains that includes all the Accounts in your file without differentiation between after-tax Accounts and the other Accounts.  But that's easily fixed.  Customize the report and eliminate the Accounts you don't want included in the report.

Robert Edgar

Thanks for your response. Your solution is great for viewing income from only select accounts. My biggest gripe is that Quicken automated inputs to the application's Tax Center include income from IRA/401K accounts when calculating annual estimated income tax.  An important distinction for many retirees.

Robert Edgar

K.O. (Win-Premier) said:

Further to what Ms. H asked, why do you think what you said?  I use Win2018 and it does differentiate Divs and Interest.  Are you referring to downloaded transactions or manual entry?  

I am referring to the automated income calculations in the Tax Center function that estimates annual taxable income.  I believe that income from IRA/401K accounts is included in the calculations.

Robert Edgar

mshiggins said:

What report are you using? Are you using one of the Tax reports?

Quicken Tax Center taxable income estimate includes income from all sources, including tax deferred accounts.

K.O. (Win-Premier)

K.O. (Win-Premier) said:

Further to what Ms. H asked, why do you think what you said?  I use Win2018 and it does differentiate Divs and Interest.  Are you referring to downloaded transactions or manual entry?  

I read your original post as Quicken not differentiating between Interest, Dividends and sales as different kinds of income.  Sounds like your post is referring to the differentiation of income between taxable and tax-deferred accounts.

Tom Young

Robert Edgar said:

Thanks for your response. Your solution is great for viewing income from only select accounts. My biggest gripe is that Quicken automated inputs to the application's Tax Center include income from IRA/401K accounts when calculating annual estimated income tax.  An important distinction for many retirees.

Well I'll admit that I've never used the Tax Center in Quicken so I'm not at all familiar with it, but I just went and looked at the Tax Center in my file and the Taxable Income YTD numbers tie perfectly with my numbers pulled entirely from after-tax Accounts even though my tax-deferred Accounts have plenty of reportable activity in them.

Are your IRA/401(k) Accounts set up as tax-deferred Accounts?  I'd guess that in my case that's what's preventing their activity from showing up in the Tax Center.

Robert Edgar

Robert Edgar said:

Thanks for your response. Your solution is great for viewing income from only select accounts. My biggest gripe is that Quicken automated inputs to the application's Tax Center include income from IRA/401K accounts when calculating annual estimated income tax.  An important distinction for many retirees.

Really fought with this last year, but maybe I spoke too soon.  I just checked my taxable dividends and interest to date by account against the tax planner and the tax planner is correct so far for 2018.  Thanks for your interest.