Entering Medicare Part B Payment Deducted From Social Security Deposit

Question

I come to this version of Quicken directly from 2005. Its database became corrupted and rather than start over with it I opted to upgrade to this latest on-line version.

In 2005 I set up a scheduled transaction for the gross amount of my Social Security benefit that I then split between the Part B premium going to an insurance category and the remainder which was direct deposited by the SSA to my checking account. The checking account was manually reconciled with the paper statement from the bank. In this manner I knew the amount paid to Part B and the gross amount of my SS benefit.

I presume that would still work if I manually entered checking account activity but I opted instead to have that checking account information downloaded to Quicken from the bank.

So I'm left with some questions:
 1) Is it possible in the current version to do what I did with 2005 as I currently have it configured, i.e. bank information downloaded into Quicken?
 2) If the answer to (1) is no how do I enter the Part B premium and have it properly accounted for? I can't see how to make the funds for it to appear without messing up the overall accounting of income and expenses?
 3) Additionally if the answer to (1) is no how can I use Quicken to track my gross SS Benefit?

Jim_Harman · Accepted Answer

1) Yes - Set up a Reminder for the SS Income. You can set the date to Monthly on the nth Wednesday, to match when your SS is deposited.

In the Reminder, make a split with the full amount of the SS as a positive number and the deduction as a negative number. The net amount is deposited to your checking account and will match the downloaded transaction from the bank.

Rocket J Squirrel · Accepted Answer

https://community.quicken.com/discussion/7863666/faq-how-to-record-social-security-income-customize-day-of-month-for-schedule

Jim_Harman · Accepted Answer

The Paycheck wizard is one way to do it. That creates a reminder and split transaction for you.

The other place to create and manage reminders is by clicking on the Manage Manual bills and income button at the top right of the Bills & Income tab.

If the amount downloaded from your bank matches the net amount deposited and the dates are close, Quicken will match the transactions and there will be no duplicate.

In Edit > Preferences > Downloaded transactions, the top 2 checkboxes should be un-checked. This will give you an opportunity to review and if necessary manually match  each downloaded transaction before it is entered in your register.

mrzookie · Accepted Answer

@fbock1887

I use the paycheck function for this purpose, and it works well. I have it set for the 3rd Wednesday of each month, with all deductions included. Its a reminder - it will not be entered into your checking account register unless you manually do it by clicking the "enter" button. I typically "enter" the paycheck into the register the day before its due, then let the download from my bank "match" to it.

Jim_Harman · Accepted Answer

You can also set a reminder to auto-enter a set number of days before the due date, so you don't even need to click on it.

mrzookie · Accepted Answer

@fbock1887

I don't have that problem with my report. Perhaps its the way you set up your SS category? Is it possible you've got 2 SS income category entries that are both being populated? Check the categories in the report and make sure there's only one. If, by some chance there are 2, you can deselect one and see if it solves the problem. If it does, be sure to deselect that same one in all reports and then consider deleting the duplicate category.