How Quicken records tax year for tax payments

fetchen

When entering a payment in a bank register that is categorized as a tax payment, Quicken asks whether the payment is for the prior tax year (ie to pay last year's taxes), to which the choice of answers is yes or no. The no answer would be use for making estimated tax payment for the current tax year. That works fine, but I cannot find where Quicken allows you to go back and see what tax year has been recorded for a transaction already entered into the register. If the transaction is edited, Quicken asks once again whether the transaction was for the prior year, but I don't see a way to just see the year associated with the transaction.

Deposits into an IRA account require a similar choice of tax year, but editing a transaction opens a transaction window that has the tax year as an entry field. Registry entries in a bank account register do not have associated editing windows, the edits are made directly in the register fields, and tax year is not a field available in the registry.

Is there a way to see the tax year associated wit a tax payment on a bank registry?

Thx
Tom

Chris_QPW

As far as I know there isn't a "tax year question asked" for any bank account.  The year of tax only happens for retirement accounts.  Maybe that one was a transfer to an IRA?  Because in that case it is actually the IRA account/transaction that is asking that question.

You don't record the "tax year" in a bank account since it isn't a retirement account.  The IRS isn't concerned about how much money you deposit in a banking account per year.

Rocket J Squirrel

fetchen said:

Is there a way to see the tax year associated wit a tax payment on a bank registry?

There's nothing built-in that shows in the register. I use tags for this. I have a tag for each tax year. So my current estimated tax payment shows Taxes:FIT:Estimated/2021 as the category/tag.

The Tax Planner should be properly associating estimated tax payments with the correct years automatically (assuming the correct tax line items have been assigned) because it knows the schedule.

fetchen

If the category that is used for a payment in a bank register is tagged as a Tax Line Item (see the Category list under Tools), such as Federal Tax Withheld, than it can Quicken does track that payment for tax reporting, and it then does ask for the tax year (this year or prior year). Doing this ensure that all tax payments show up in the Tax Schedule Report

Rocket J Squirrel

Quicken knows about the 4th estimated tax payment being due in the following year. I just ran the report for 2020 and the payment made in 2021 is there.