Tax Center Other Income Calculation Error

Tax Center calculations for 2021 > Other Income > Taxable IRA/Pension Distributions is showing an amount different than any of the amounts shown in the details box below it which has the "Quicken Data (from 2021)" radio button selected. The amount shown for Taxable IRA/Pension Dist. is larger than the YTD value (exactly $1040.00 more) and does not reflect the sum of the YTD + Projected Amount. This creates a HUGE error in the tax calculations. I can force this by entering the calculated Annual Total in the box for "User Entered" value and selecting the "User Entered" value instead of "Quicken Data (from 2021)", but now I have to keep manually readjusting the "User Entered" value every time there's a change in the IRA/Pension income. Please fix.
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Answers

  • Quicken_Tyka
    Quicken_Tyka Alumni ✭✭✭✭
    Hello @CSH

    Thank you for visiting the Community to report this issue, although I apologize that you have not received a response.

     I would recommend running the Validate & Repair tool on the data file from the File menu > File Operations > Validate & Repair option. 
     

    In the Validate File window that opens, click the top box to "validate file" and then click OK. 
     

    When the validation completes, a data log will open in Notepad, please let us know if any errors or issues are found/repaired, and when ready close and re-open Quicken. 
     

    Please let us know what you find! 

    -Quicken Tyka 

     

    ~~~***~~~
  • markus1957
    markus1957 SuperUser, Windows Beta Beta
    A little more detail might be required to track down the issue. Check the tax line you have set for transfers in account details of your IRA account. It may be that some double counting is going on between scheduled transactions and actual transactions.  Scheduling transfers from an IRA has been problematic.  Details of your scheduled transactions need to be described to provide real help.
  • CSH
    CSH Member ✭✭
    Responding to Quicken Tyka: Validating the file seems to have helped. There were some minor adjustments reported and it noted the several scheduled transactions I put in for when I plan to transfer funds from my IRA to the general investment fund.

    Responding to markus1957: I suspect the problem described in your feedback may be part of my problem. I will be removing my scheduled transactions as the time draws near for the actual transactions to be reported by my investment firm, so that may help.

    Thank you both for your suggestions.
  • Randy_D
    Randy_D Member
    The issue being reported is the same new issue I have, which is likely a recently added code/programing revision error. When you click on Other Income in the Tax Center screen a separate window opens to display the details of Other Income or Losses. The field "Taxable IRA/Pension Distribution in the top half of the screen does not match the Details window below for Quicken Data (from 2021) which is correct. If you select the radio button "User Entered", which in my case is zero than immediately click back to the radio button "Quicken Data (from 2021), the amount in the top half of the screen corrects to match the details below. In my case the missing information was 4 future scheduled 401K gross transfers. These transfer contain Federal Tax withholding so you need need to click on "Withholding", then click into "Other Withholding", where again it does not match the details below. Performed the same steps, click on "User Entered" radio button, where in my case the value is zero, then reselect the "Quicken Data (from 2021" and in my case the Refund Due updated correctly. Now the bad news as soon as you close this Tax Planner window, the changes do not update in the Tax Center. Sad but True!!
    You need to put some developers to work on this to see what has recently changed to cause this error. My monthly Pensions in Other Income are not the issue, just the scheduled income transfer out of a 401K into a Savings account and the associated Fed Tax in my case.
    Regards
    RandyD
  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
    I don't see that.  Please check that the split transaction was entered as a deposit to a non tax deferred account,i.e. not entered in the tax deferred account, and that transfers out for the deferred account have tax schedule for transfers out set to taxable IRA distributions.
    Quicken Premier Subscription, Windows 11 Home
  • Randy_D
    Randy_D Member
    Hi Bob_L
    The issue reported by CSH and confirmed by me started after the last update and I have been waiting to see if the Quicken Team would address. Since the issue remains I searched to see if this issue had been reported and found this thread.
    To answer your question the split transaction is out of the cash side of the 401K account since I have to create a sell transaction of the amount I will be transferring out first. The scheduled reminder is the transfer of the gross amount of the 401K cash to a Savings account which is not a tax deferred account less the Federal tax for a net amount deposit. (401K Cash - Federal Tax) = Net amount that is deposited to our Savings account. This happens every month and has worked flawlessly until recently.
    The detail information is correctly capture with the correct amounts but the total amount above is incorrect. By simply selecting the radio button for user entered and then back to Quicken data entered, the total amount above updates immediately to match the details. I am a retired Sr. Business Analyst, so I am well versed in Software Design Requirement, Development and Testing. I know there are a lot of smart superusers like yourself, and the Quicken Team, and hopefully between everyone they will solve this issue. Thanks for your help.
  • Randy_D
    Randy_D Member
    Hi,
    I was able to correct the issue I detailed above by going to > Manage Manual Bills and Income > Locate and Editing my monthly reminder > For all future occurrences that transfers my monthly 401K Cash out of Tax Deferred Acct and the associated Federal Withholding Tax, with Net amount into my Savings Account. I did NOT change any of the Categories and/or the $ amounts in the reminder. I only clicked on the Edit button for each amount and done. Now everything works as expected and my tax calculations are correct with no issues. Not sure if this will work for user CSH, but it was an easy solution to fix the issue I described above.
    Regards,
    Randy_D
  • markus1957
    markus1957 SuperUser, Windows Beta Beta
    I suspect if you would have performed a data file validation as recommended above, the process would have corrected or at least flagged a corrupted scheduled transaction.