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Is it possible to set up a security as both taxable and tax-free

I have a municipal bond ETF which I set up in Quicken’s Security Details with the “Tax Free” option selected. So when I run a Tax Summary report, dividends from the ETF are grouped as “_DivIncTaxFree”.

According to my brokerage’s 1099-DIV, for the first time, a portion of this ETF’s dividends are listed as taxable.

This has prompted me to try and re-classify the portion of the dividends in Quicken as taxable. I tried entering the portion as Miscellaneous (in the Income transaction dialog) and then for Category I selected “Div Income”

But when I run the Tax Summary report, that portion shows up as “_IntIncTaxFree”.

Is it possible to set up a security as both taxable and tax-free? Or is there another way I can enter this dividend so it will be correctly added to the DivInc group in the Tax Summary report?
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Best Answer

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Accepted Answer
    I think you would NOT check the Tax free box for the security. Then record the taxable income as a Dividend and the Tax free part as Miscellaneous with a category of _DivIncTaxFree
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Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Do you have this security set up as a Municipal bond, or as a mutual fund?
    As an Exchange Traded FUND it's actually a fund .... and with that change I believe that you can accomplish your objective.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • williams_sd
    williams_sd Member ✭✭
    Yes, in the "Edit Security Details" dialog I have the type as ETF.

    I have the Asset class as Single - Domestic Bonds.

    Is there another change I might try to get both taxable and tax-free categories for this security?

    Thanks very much.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    Accepted Answer
    I think you would NOT check the Tax free box for the security. Then record the taxable income as a Dividend and the Tax free part as Miscellaneous with a category of _DivIncTaxFree
    QWin Premier subscription
  • williams_sd
    williams_sd Member ✭✭
    Yeah! I de-selected Tax Free, edited the transaction to Misc with category _DivIncTaxFree and now both the TaxFree and taxable dividends show up in the Tax Summary report. Very pleased - thanks so much!
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