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.
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