I Can't Edit "Transfer category" tax related setting

I haven't determined how to edit the "tax related" setting for "transfer categories".

I created two loans where I am the lender. One loan account's balance "transfer category" was assigned as tax related. Not sure why anyone would consider payments to the loan principal as being "Tax Related". The other loan account was not assigned as tax related. The only difference is one borrower is making a extra principal amount. The Total determines extra principal box is checked in the payment details. I also transferred the opening loan balance from a checking account. That transfer was not marked "Tax Related".

I read in other discussions to change the transfer tax related setting that you have to edit the account details for the account using the transfers. I don't see any options to change any "Tax related" items as mentioned in the dicussions.

I repaired and validated my file. I checked the loan income reminder and see nothing "tax related". I did find that I could change the tax line assignment for each transaction but not its "Tax Related" status. The "Transfer Categories" are listed in the Category List, but you can't edit them.

Can anyone help with changing :( :( the "Transfer Category" Tax Related Setting or explain why the two loans are different.

Quicken Version: Windows subscription
OS:Windows 10

Best Answer

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer

    The interest income should be tax related and the transfers to reduce the principal should not.  There are a number of ways the transfer may have been set inadvertently.  If the transfer is set as tax related in the payment transaction, reminder or memorized payee, open the split, select the transfer, Edit > Tax line item assignments, the blank entry in the Tax item: pull-down menu, and OKIf the transfer is set as tax related in the loan payment details, right-click on the transaction and select Tax line item assignments, the blank entry in the Tax item: pull-down menu, OK, and press Ctrl + Enter.

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer

    The interest income should be tax related and the transfers to reduce the principal should not.  There are a number of ways the transfer may have been set inadvertently.  If the transfer is set as tax related in the payment transaction, reminder or memorized payee, open the split, select the transfer, Edit > Tax line item assignments, the blank entry in the Tax item: pull-down menu, and OKIf the transfer is set as tax related in the loan payment details, right-click on the transaction and select Tax line item assignments, the blank entry in the Tax item: pull-down menu, OK, and press Ctrl + Enter.

  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    Hello @oldcorey

    Thank you for taking the time to visit the Community to post your issue, although I apologize that you have not received a response.

    If you look at the transaction for this loan register what does the Category field show Do you see brackets or a category name? If you are using a category name, what is the name that you are using?



    If you are seeing brackets and an account name as the category, that is a transfer and it's possible that you need to adjust the tax attribute of the account listed in this field.

    If you are seeing a category name, you will need to adjust the tax designation of the category.

    Please let me know how it goes!

    -Quicken Tyka

    ~~~***~~~
  • oldcorey
    oldcorey Member
    That setting was hard to find. It was well hidden. I had to edit the amount due which then displayed the split transaction window. I edited each transfer split and remove the tax line assignment. To remove the previous transaction from the Tax Summary Report. I had to edit the Splits in the receiving account. Everything appears to be fine.

    I want to thank the community for the quick and accurate response. I had spent way too much time trying to save it myself.
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