2021 Tax Planner seems to use incorrect standard deduction amount, tax-free transactions

leishirsute

The 2021 Tax Planner is using the amount of $14200 for Standard Deduction for a single, 65+ yo person.
The deduction is supposed to be $12550 + $1700 = $14250 .
Reference: https://www.kiplinger.com/taxes/tax-deductions/601640/standard-deduction
Why the difference? Is there a way to configure to get the correct standard deduction?

Also, tax-free dividend transactions are included as dividend income in the projected scheduled transactions, which kind of makes the planner useless for projecting estimated tax.

leishirsute

As of version R31.6, this issue has been resolved.

markus1957

You found an error in the 2021 Tax Table Quicken just updated.  They are using 12,500 as the base standard deduction for a single filer when it should be 12,550. You should use report a problem to let them know.  Maybe a moderator will pick it up also.

As for the scheduled transactions, it's been like that forever but I agree they should fix it and make the Dividend/Interest income reminders honor the tax-free checkbox in Security Details just like the status is honored in entered transactions.  The workaround is to use a regular income reminder and select a tax exempt interest or dividend category for the reminder.

leishirsute

Thanks.  I reported the standard deduction error.
I don't understand the workaround you describe for scheduled transactions.
When I schedule a transaction, there is no option to select a tax exempt interest or dividend category.

markus1957

They are hidden categories.  If they are not there use Manage Categories in Category list to get them into the table.

leishirsute

I understand that those categories exist.  But I don't know how to set them up in a scheduled transaction.  The option is not provided.

leishirsute

Oh, I think I see.  When creating the transaction, there is an option to select the category.
I have to change Dividend to Deposit in order to select a category for an existing Scheduled Transaction.
It is a possible workaround.  Thanks.

leishirsute

As of version R31.6, this issue has been resolved.