Tax Planner Quarterly Estimated Pmts for 2020 computes payments in wrong years.
Best Answers
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Check that the tax line assigned to the Category "Tax:FedEstimated" is "Form 1040:Federal Estimated tax, qrtrly".
The January payment in 2021 for tax year 2020 is normal. Two payments scheduled means you still have another reminder scheduled or the reminders table is corrupted. If Validate or super-validate do not clear the corruption, you may need to delete all entries in the Reminders table to clear it out. Close and re-open Quicken before adding them back.
If you make a copy of the file, you can revert back to quickly if the fix attempts do not work.5 -
Hi @deltavee,
I just wanted to make it clear that Quicken uses the payment due dates that the IRS has established for Federal estimated payments and the due dates ALL fall outside of the calendar year quarter end dates.
The last of the 4 payments (which covers the 4th Quarter of the calendar year) is not due until January 15th of the following year. These "delays" give taxpayers time to close their books and then calculate their potential incom tax liability for each quarter, and then make the payment. There would be no time to do that if the tax were due on the last day of the quarter.
FrankxQuicken Home, Business & Rental Property - Windows 10-Home Version
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Answers
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Select Ctrl+J and select the reminder and then Edit -> This instance and all future instances.
What dates are on there?
It should be 4/15/2020, 6/15/2020, 9/15/2020 (and if you select "change") you should see 1/15/2020.
If you have changed these because of the extension on the filing of taxes and such I wouldn't be surprised in the least that the Tax Planner hasn't been changed to allow for that fact.Signature:
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I ran into a similar, but not identical, problem with estimated taxes in Tax Planner. My workaround was to delete and re-enter the reminders.Long thread here: https://community.quicken.com/discussion/7875690/tax-planner-not-including-future-estimated-state-tax-paymentsMy final answer here: https://community.quicken.com/discussion/comment/20092583/#Comment_20092583There is unexplained weirdness here, but perhaps my workaround will work for you, @deltavee .
Quicken user since version 2 for DOS, now using QWin Biz & Personal Subscription (US) on Win10 Pro.
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I tried the Ctrl+J, Edit>This instance... The dates the tax planner shows for estimated tax payments for tax year 2020 are 6/15/2020, 9/15/2020, 12/15/2020, and 3/15/2021. It omits the estimated tax payment made on 3/15/2020 even though the category is Tax:FedEstimated. I don't file for extension and haven't made any changes for that. Still miffed at the problem.0
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When you set up the reminder, you chose the "quarterly" option in the "Due Next" field rather than "estimated taxes". Estimated taxes is at the bottom of the pull-down selection; it's a special schedule.0
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Thanks markus1957, but that didn't work. I deleted all existing estimated tax reminders and set up a new reminder on "estimated taxes" instead of "quarterly". Same result: my estimated taxes paid to date don't show up in tax payments>estimated taxes, and payments scheduled for tax year 2020 (based on calendar year) include a payment in 2021. It's also scheduled five tax payments instead of four, with two payments on the same day.0
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Check that the tax line assigned to the Category "Tax:FedEstimated" is "Form 1040:Federal Estimated tax, qrtrly".
The January payment in 2021 for tax year 2020 is normal. Two payments scheduled means you still have another reminder scheduled or the reminders table is corrupted. If Validate or super-validate do not clear the corruption, you may need to delete all entries in the Reminders table to clear it out. Close and re-open Quicken before adding them back.
If you make a copy of the file, you can revert back to quickly if the fix attempts do not work.5 -
Thanks for explaining this. Beats me that Quicken defaults it's estimated tax payments for 2020 to include January 2021. Makes more sense to me for Quicken to allow for a user-defined quarterly tax schedule that would have all estimated tax payments fall within the same calendar tax year.0
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Hi @deltavee,
I just wanted to make it clear that Quicken uses the payment due dates that the IRS has established for Federal estimated payments and the due dates ALL fall outside of the calendar year quarter end dates.
The last of the 4 payments (which covers the 4th Quarter of the calendar year) is not due until January 15th of the following year. These "delays" give taxpayers time to close their books and then calculate their potential incom tax liability for each quarter, and then make the payment. There would be no time to do that if the tax were due on the last day of the quarter.
FrankxQuicken Home, Business & Rental Property - Windows 10-Home Version
- - - - Quicken User since 1984 - - -
- If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you. -5 -
Thank you!0
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The 4th qtr estimated tax payment is not due until Jan 15 of the next year. You still get credit for it on your current year return, federal & state.
But if you want to deduct the 4th state estimated payment on your federal schedule A you need to pay it before Dec 31. Or it will won't be deductible until the next tax year. So if you pay 2019 4th qtr state in Jan 2020 it goes on your 2020 Federal Schedule A. Then if you make your 2020 4 qtrly payments by Dec 31 you could actually have 5 state payments on your 2020 schedule A which might give you a bigger deduction. Some people use that for tax planning.
Same for property tax. In Calif we pay 1/2 in November and 1/2 the next April. But I used to pay 100% in November every other year so I could get 3 payments in the same year and have a bigger federal deduction.I'm staying on Quicken 2013 Premier for Windows.
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@volvogirl,
You are correct in your planning commentary about potentially bunching your state tax payments in the 4th quarter. However keep in mind that for federal tax purposes the deduction for state & local taxes (commonly referred to as SALT now) - including but not limited to state income taxes, city income taxes, and local taxes (like real estate taxes) - are now limited to a maximum of $10,000 per year, per joint tax return.
So there isn't a whole lot of bunching of SALT going on anymore... sadly.
FrankxQuicken Home, Business & Rental Property - Windows 10-Home Version
- - - - Quicken User since 1984 - - -
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