how do i report social security income in Quicken Home and Business

frankie clark

i receive social security pay for myself (over 65) and my disabled son. How do I report this income? I see no income category and it is taxed differently than ordinary income. I also want to include a line item for this in my budget.
Same question for pension money I am receiving. How and where do I categorize that income?

Rocket J Squirrel

This question is really more about Tax Line Items than categories or scheduling transactions.

Quicken does not provide built-in categories for Social Security income; you must create your own, which is easy enough, and you must manually connect those categories to the proper Tax Line Items.

The problem, at least in Quicken Premier which I use, is that there are only 2 Tax Line Items for SS income, for "self" and "spouse". There is no TLI for "child", so Quicken cannot properly track the tax consequences of a disabled child's SS income. This is illustrated below. So you're on your own for that.

If you scroll way down in the TLI list, you'll come to Form 1099-R reporting for pensions.

Sherlock

If you haven't already, you may want to review: FAQ: How to record Social Security Income & Customize Day of Month for Schedule

Note: You may create your own category for the income and associate an appropriate tax line item to the category: press Ctrl + Shift + C

Rocket J Squirrel

This question is really more about Tax Line Items than categories or scheduling transactions.

Quicken does not provide built-in categories for Social Security income; you must create your own, which is easy enough, and you must manually connect those categories to the proper Tax Line Items.

The problem, at least in Quicken Premier which I use, is that there are only 2 Tax Line Items for SS income, for "self" and "spouse". There is no TLI for "child", so Quicken cannot properly track the tax consequences of a disabled child's SS income. This is illustrated below. So you're on your own for that.

If you scroll way down in the TLI list, you'll come to Form 1099-R reporting for pensions.