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Quicken Classic for Windows
Budgeting and Planning Tools (Windows)
Tax Planner for 2021 not showing pre-tax deductions in paychecks
Tammy Van Buren
The tax planner is miscalculating projected tax liability for 2021 because the projected wages are not deducting the pre-tax deductions in our scheduled paychecks. They are not deducted until the actual paycheck is recorded. This is making our projected taxable income appear thousands of dollars higher than it really is, therefore our tax liability much higher than it should be. This was not an issue in 2020. We are using version R20.21; Build 27.1.30.21.
I should not have to delete and re-record our paychecks to have this corrected. Up until this year, they have always shown the correct taxable amounts.
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Comments
Tammy Van Buren
The tax planner in is no longer showing our paychecks in the taxable income section. Because of this, it does not subtract the pre-tax deductions until the actual paycheck is recorded, making our taxable income much higher than it actually is. The paycheck transaction are still listed in the bills & income section with the correct amounts. I am using Version R30.21; Bulid 27.1.20.21. How can I correct this without having to delete all of the upcoming transactions and re-entering our paychecks from scratch?
marknashburn
Where I have had this happen before I have deleted my saved paycheck and entered a new paycheck in my income reminders and that reset the tax planner so it was figuring in the new paycheck correctly for the projected tax and deducting the pre-tax deductions.
Gilley7997
I'm not sure how to correct the problem, but I can confirm that at least on R31.6, the calculations appear to be correct for the pretax deductions inside of the tax planner itself.
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