Windows, Qicken R23.18, 27.1.23.18 Why does Tax Summary not display all FWH transactions?

MemphisBBQ

When I do Tax Smmary in reports, only one FWH transaction, Jan. 1, 2019, is picked up, and there is one each month. These are automatically entered each month, all exactly the same amount. This report is now one I create, but is qithin Quicken. Any Suggestions?

Rocket J Squirrel

What is "FWH"?

Ps56k2

aside from the various typos - guessing FWH --> Federal Withholding

Jim_Harman

Do the missing transactions use the same Category as the one that is included in the report?

Also make sure the date range for the report includes the dates of the missing transactions.

Sherlock

The entry in the transactions needs to be assigned to a category associated with the W-2:Federal tax withheld, self or W-2:Federal tax withheld, spouse tax-line item to enable it to appear in the Tax Summary report.

Rocket J Squirrel said:

What is "FWH"?

Federal WithHolding

MemphisBBQ

The default range for Tax Summary is yearly, and the range I selected is shown as Jan 1, 2019 to December 31, 2019, even though we are not at that final date yet. FWH is indicated as withholding for the tax return in Categories. That is why it is picked up Jan 1. These transactions are set up to be entered automatically each month, and each transaction is exactly the same. There is some error in the programing for "Tax Summary. I decided to change the date to 2018, Jan 1 through Dec. 31, and when I did this the report indicated one entry for 2018 and three for 2019. If I make my own report and select categories I wish displayed, all the FWH transactions are picked up and shown. But for the Tax Summary report, the categories are predetermined. Thanks for your assistance. What does your Tax Summary display?

Jim_Harman

The Categories for the Tax Summary report can be customized just like any other report.

However the report is filtered behind the scenes so that it only considers transactions with categories that have a tax line item assigned.

Are you using the Paycheck Wizard to enter the problem transactions, or a split transaction you created yourself? Some users have reported issues with the paycheck wizard, but not in the area of withholding.

MemphisBBQ

I receive a transfer from my IRA to my bank account for my monthly income. These transactions are picked up as Transfers by Tax Summary. Since the FWH is withheld and paid directly and not transferred, I set up a separate transaction transferring the withholding amount to my bank account -- this amount plus the amount actually transferred provides Quicken the total monthly withdrawal amount -- and then set a transaction to the IRS for the FWH amount. When I customize a report that matches what the tax summary should report, all the FWH transactions are shown. But when I select the Tax Summary, only the January 1 transaction is shown. No splits are involved. It could be done with splits, but I started this way years ago and it works. It's just that Tax Summary reports do not show all the transactions for FWH. Again, thanks for responding. Does your Tax Summary display all the transactions?

Jim_Harman

So the withholding paid to the IRS is recorded as a separate transaction in your checking account? When I enter a transaction like that a window pops up asking if this is a tax payment for 2018.

If I say no, the amount shows up in my 2019 tax summary report 

If I say Yes, the amount does not show up in the 2019 tax summary report or the  default 2018 report. It does appear however if I set the date range for the tax summary report to 1/1/2018 to 12/31/2019.

Perhaps that is what is happening in your case.

Another way to enter this would be to record a transfer from the IRA to your checking account for the gross distribution, then add a split for the amount withheld, assigned to the appropriate category. That should be recorded correctly and IMO is closer to what happened in real iife.

I think Quicken does a poor job of handling IRA distributions. If you agree, please go to this Idea post
https://community.quicken.com/discussion/7864626/improve-handling-of-ira-distributions-qcds-and-roth-conversions
and add your vote by clicking on the little up arrow in the big blue box. Every vote counts!

chitownhockey

Concur with Jim.  The transfer OUT of your IRA retirement account should be for the gross amount...and then in your checking account you should split that transaction showing the FWH deduction (and any other deductions) resulting in your net distribution.

If you do two separate transactions from the IRA retirement account, you won't get the proper tax reporting.  

Also, make sure you have set the Account Details > Tax Schedule > "Transfers Out:1099-R:Total IRA taxable distrib"   for that account (and all other retirement tax deferred accounts.  

DO NOT USE the "Gross IRA taxable distrib" tax line item.  That doesn't account for the distribution in Quicken.  

It's just a Quicken thing. 

MemphisBBQ

Your suggestion for entering the gross amount and then splitting a transaction to show the IRS payment would work. Years ago when I began these transfers I set them up as I have them. I did not think of splitting it as you suggest. My method works. I have no problem with the way the funds are entered in Quicken. I do have trouble with the Tax Summary Report. If I do a report that I customize for what a Tax Summary should show, every transaction shows up -- all 12 FWH transactions. The date is Jan 1 through Dec 31 whatever year. In Tax 'Summary all the transactions are displayed for the year EXCEPT for FWH. So it is not a date problem, but there is something going on with the filters some place. I will just continue to create a report rather than use Tax Summary. You have made some good suggestions and I appreciate your time. Thanks so much.

chitownhockey

I can guarantee you that the Tax Summary report will show the FWH categories and amounts if you do it as I indicated.

I know that changing a workflow in Quicken can be disconcerting at times.  Perhaps, changing starting Jan 1 with my "revised" methodology, might be a good time to change.  

MemphisBBQ

Thank you for your assistance. All who have answered, I thank. I don't really need Tax Summary for reporting my tax related transactions. There is really no reasonable answer why it does not work when doing a customized report will give the report. Once I made he report, I can change the date and get it. Ans thanks for the guarantee. These always help.