Tax Summary Report doesn't show tax refund

patrick.mcgloin

My Tax Summary Report for 2020 does not show the refund for 2020 taxes that I received in 2021. The transaction category for the refund is the same as the tax payments and, when I entered and saved the refund transaction, I answered "yes" to the question about it being for tax year 2020. If I force the date of the refund to 12/31/2020, it shows up on the Tax Summary Report, but it seems like this report should show all 2020 tax-related transactions regardless of when they occurred. Am I missing something?

Jim_Harman

Quicken's Tax Summary report for 2020 captures the information you need to prepare your taxes for 2020. It includes some items from the following year, such as estimated taxes paid in January and IRA contributions before April 15.

A federal tax refund you received in 2021 is not recorded on your 2020 tax return and thus is not included in the report. 

State tax refunds you received or payments you made in 2021 would be reported on your 2021 federal return.

I created the Categories Fed Prev. Yr that for payments due with the tax filing and Fed Tax Refund for refunds. These do not get tax line items assigned. The corresponding state categories should get the appropriate tax line items.

Disclaimer: I am not a tax professional and do not give tax advice. Consult your tax advisor.

Jim_Harman

Quicken's Tax Summary report for 2020 captures the information you need to prepare your taxes for 2020. It includes some items from the following year, such as estimated taxes paid in January and IRA contributions before April 15.

A federal tax refund you received in 2021 is not recorded on your 2020 tax return and thus is not included in the report. 

State tax refunds you received or payments you made in 2021 would be reported on your 2021 federal return.

I created the Categories Fed Prev. Yr that for payments due with the tax filing and Fed Tax Refund for refunds. These do not get tax line items assigned. The corresponding state categories should get the appropriate tax line items.

Disclaimer: I am not a tax professional and do not give tax advice. Consult your tax advisor.

patrick.mcgloin

Thanks for the quick reply Jim. I was hoping to have all of my annual tax info in the report as a historical record and I guess it's just not designed for that.

Jim_Harman

You can always refer to your tax return, and that is the place where it really matters that the data is correct.