Why is dividend income showing up in investment income reports as 'tax free'

Michael 49

Quicken for Windows 10 (Canada)
Year: 2020 Version: R28.15 Build: 27.1.28.15 Edition: Canada
Browser: Firefox version 84.0.1 (64-bit)
Windows 10 Home Version:10.0.19041.488

Recurring quarterly dividend set up for $281.25 and gets recorded in transaction register correctly as 'divinc' but in income reports as 'tax free'? How do I correct this?

NotACPA

Can you show us the Security Details for this security?  Here's an example from one of my securities, and where "Tax-Free" may have been inadvertently set-up.

Michael 49

Bingo!!! That's what was causing the problem. When the security was set up years ago, I must have inadvertently set it to tax free. Thank you for solving this!

Frankx

Hi @Michael 49

There seems to be some anomaly in the way your application is handling this dividend.  I think it may be related to the Canadian vs. US version.  Is it possible that the Canadian version does not handle dividends from a US entity properly?  Id this new behavior that you are seeing (i.e. - have you received these dividends before and has Q- Canada handled them correctly?


Frankx

Michael 49

Hi Frankx,

I can't say for sure if it's a recent problem or not. I just noticed now for that security only (no issues with other stocks) but I've suddenly got bigger problems to deal with. I lost access to my 'hidden' file where I have my Quicken data and password manager file. I'll be working on restoring from a backup and catching up.

Michael 49

This has been a reporting problem since 2018. In the transaction register, it shows up as 'Div' but in the investment income report as '_DivincTaxFree', When you click on the item and change the category to 'Dividend Inc' a new line item shows up in in the investment income report and the transaction register now shows 'Deposit'

NotACPA

Is this security held in some sort of tax-free (or tax-deferred) account?  Such as an IRA or  401k in the US? (I don't know the Cdn counterparts).

IF so, that would override the _DivInc.

Michael 49

No it's not, it's set as 'tax deferred no'. . If it was, all the other security dividends would have defaulted to tax-free as well.

NotACPA

Can you show us the Security Details for this security?  Here's an example from one of my securities, and where "Tax-Free" may have been inadvertently set-up.

Michael 49

Bingo!!! That's what was causing the problem. When the security was set up years ago, I must have inadvertently set it to tax free. Thank you for solving this!