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

leishirsute
leishirsute Member ✭✭✭✭
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.


Quicken Deluxe Subscription; Windows 10 Pro 64-bit

Best Answer

  • leishirsute
    leishirsute Member ✭✭✭✭
    Accepted Answer
    As of version R31.6, this issue has been resolved.
    Quicken Deluxe Subscription; Windows 10 Pro 64-bit

Answers

  • markus1957
    markus1957 SuperUser, Windows Beta Beta
    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
    leishirsute Member ✭✭✭✭
    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.
    Quicken Deluxe Subscription; Windows 10 Pro 64-bit
  • markus1957
    markus1957 SuperUser, Windows Beta Beta
    They are hidden categories.  If they are not there use Manage Categories in Category list to get them into the table.
  • leishirsute
    leishirsute Member ✭✭✭✭
    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.
    Quicken Deluxe Subscription; Windows 10 Pro 64-bit
  • leishirsute
    leishirsute Member ✭✭✭✭
    edited January 9
    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.
    Quicken Deluxe Subscription; Windows 10 Pro 64-bit
  • leishirsute
    leishirsute Member ✭✭✭✭
    Accepted Answer
    As of version R31.6, this issue has been resolved.
    Quicken Deluxe Subscription; Windows 10 Pro 64-bit
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