Tax Categories

lou_garfinkle

Quicken for MAC Deluxe 5.13.3. Why can't Social Security and (401)k be added to Tax Line field for the Tax Forms 1099-R ?

J_Mike

QMac includes the tax line assignments that you are looking for.

For Soc Sec income, you first create a category - one for self and one for spouse if necessary.
From the Category List, open the category in edit mode.
Check the box Tax Related.
The tax line assignment is Form 1040:Social Security income, self (or spouse)

For the IRA distributions, again, create a category.
For retirement account distributions (IRA, 401k,annuitiy, etc.) the tax line assignment is 1099-R:Total IRA taxable distrib.

lou_garfinkle

It is a (401)k, not an IRA. Need to keep it separate from the IRA. No (401)k in the tax line assignment.

Quicken_Tyka

Hello @lou_garfinkle

Thank you for the response and for providing more details, although I apologize that you haven't received a follow-up response.

If the tax assignment you are needing is unavailable, you may need to use an "Unassigned Tax Item."



It may be possible to use a tag to separate the transactions.



I would also recommend going to Help > Report a problem to report this issue.

Thank you,

-Quicken Tyka

J_Mike

lou_garfinkle said:

It is a (401)k, not an IRA. Need to keep it separate from the IRA. No (401)k in the tax line assignment.

From the standpoint of tax reporting, there are no differences between Traditional IRA's, 401k's, annuities, pensions, etc. These distributions are all reported on the same Form 1099-R and all are taxed at the same rate.
Bottom line - a single tax line assignment "fits all".

Now perhaps Quicken and Intuit (and other tax software vendors) could get their heads together and modify the description here - use a more generic term like "Retirement Distribution" instead of "IRA". 

J_Mike

@lou_garfinkle
Just occurred to me - are you having problems getting proper subtotaling of distributions by Payee in the Tax Schedule Report?

I use Tags for for this purpose - a unique Tag for each source of retirement income. In my case, I have two pension payments, an annuity distribution and an IRA distribution. I have a unique Tag for each payee. This assures proper subtotals for each payee in the tax report.