Another Tax Planner Issue/Question with Wages

jfclague

So I have been trying to reconcile what the Tax Planner said I needed to submit in estimated payments for 2020 vs. my actual 2020 IRS 1040 tax return.

At the end of 2020, the Tax Planner said I still owed $1k after my withholdings and estimated payments. I did my 2020 tax return and I got back $7k refund so clearly there is a disconnect.

I looked at all the lines on my 1040 and compared to the Tax Planner. The main issue is that my Wages amount in the Tax Planner is my total wages from all of my paychecks through out the year. The problem is that the taxable wages should be my total pay less my 403b deductions (401k).

How do I get my biweekly paychecks to correctly record for the Tax Planner? I have my Salary going to the Salary category (which is mapped W-2: Salary or Wages, Self Tax Line Item) and my 403b contribution goes to the Account for my 403b acct.

Do I need to change the selection in the Wages line in the Tax Planner from Quicken Data - Scheduled Bills & Deposits to TurboTax (from 20XX)?

Any help would be appreciated.

Chris_QPW

Are you using the Paycheck reminder and the selection for the 403b?


In the Tax Planner this should result with something like this:

And scrolling down, here are the ones that have already been entered.

And at the bottom the ones scheduled.

jfclague

Chris_QPW said:

Are you using the Paycheck reminder and the selection for the 403b?

Chris,

I am using the Paycheck function (in Income Reminders). I assume that is what you are referring to.

When set up, I did select the 403b option when I added my employee contribution. I even deleted the current calendar year and re-setup the paycheck.

In the Tax Planner, I see the future the 403b contributions but for the YTD transactions, I only see the salary, medical insurance, & dental insurance.

So if I am trying to calculate my future estimated tax payment, if will be accurate at the beginning of the year but as the year goes on, it will get completely inaccurate.

Don't know where to go from here.

Thanks Jim

Chris_QPW

jfclague said:

Chris,

I am using the Paycheck function (in Income Reminders). I assume that is what you are referring to.

When set up, I did select the 403b option when I added my employee contribution. I even deleted the current calendar year and re-setup the paycheck.

In the Tax Planner, I see the future the 403b contributions but for the YTD transactions, I only see the salary, medical insurance, & dental insurance.

So if I am trying to calculate my future estimated tax payment, if will be accurate at the beginning of the year but as the year goes on, it will get completely inaccurate.

Don't know where to go from here.

Thanks Jim

Are you syncing to Mobile/Web?

It has been known to corrupt paycheck entries.  If you are I suggest turning it off.
Another thing to try is
File -> File Operations -> Copy.. copy to a new file and open it.
The do:
File -> File Operations -> Validate and Repair -> select the Validate File -> OK

And you might have to delete/re-enter the problem transactions for the start the year, but I think I would first try entering a new paycheck reminder and seeing if it properly affects the Tax Planner.

Hopefully some of this will help, because as far as I can see you are doing everything right.

jfclague

Chris_QPW said:

Are you syncing to Mobile/Web?

It has been known to corrupt paycheck entries.  If you are I suggest turning it off.
Another thing to try is
File -> File Operations -> Copy.. copy to a new file and open it.
The do:
File -> File Operations -> Validate and Repair -> select the Validate File -> OK

And you might have to delete/re-enter the problem transactions for the start the year, but I think I would first try entering a new paycheck reminder and seeing if it properly affects the Tax Planner.

Hopefully some of this will help, because as far as I can see you are doing everything right.

No, I haven't sync to mobile/web for awhile. I was having issues with sync to web corrupting my memorized payees.

I deleted all the current calendar year transactions and redid them with a new paycheck transaction.

I submitted the issue to Quicken but who knows what that will do.

Thanks, Jim