What category are you using for the $600 covid check?

edyohe
edyohe Member ✭✭
edited May 2021 in Registers & Transactions (Windows)
What category are you using for the $600 covid check? I just can't seem to decide

Answers

  • Frankx
    Frankx Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Hi @edyohe

    There was an extensive discussion on this same topic when the first checks were issued last year - see this message thread: https://community.quicken.com/discussion/comment/20088000#Comment_20088000

    It seems like most folks categorized it as "miscellaneous" income without a tax line assigned.

    Frankx

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  • splasher
    splasher Quicken Windows Subscription SuperUser ✭✭✭✭✭
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  • KDJ21
    KDJ21 Quicken Windows Subscription Member ✭✭
    So are those $600, 300 and 1400 COVID stimulus checks taxable as income? For some reason I thought they weren't taxed.
  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    @KDJ21

    Did you read the comments and linked thread above? The consensus here is that these payments are not taxable.

    You should consult your tax adviser.
    QWin Premier subscription
  • KDJ21
    KDJ21 Quicken Windows Subscription Member ✭✭
    Ok thanks just wanted to be sure. I'm thinking maybe to recategorizing it to something else other than "other Inc" that quicken gave as default categorization. I need it to show up as revenue coming in so I can explore my income and spending but not in a way that shows up on my report to send out for taxes. If that makes sense.

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