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Quicken Classic for Windows
Registers & Transactions (Windows)
I received a legal Non taxable injury settlement check, how it should be reported in Quicken
adlucky
I am using Windows 10 Home with Quicken Version R33.24 Build27.1.33.24.
I received a legal non Taxable injury settlement check. Please guide how I should record this transaction in Quicken.
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Tom Young
You have lots of flexibility here as to how you enter this.
If it's a material amount and you want to keep it easily visible - maybe for future reference - you could create an income Category for it, a Category that might be a "one-use" Category. Call this new Category anything you like. Or if it's not that material and you've incurred costs that are, in effect, being repaid by the settlement, you could simply enter the amount into this Category (or Categories), reducing the cost to a "net of settlement" amount.
adlucky
Tom, thank you for your answer, since it is categorized as income, I don't see any where in the Tax Reporting category no where I can state it is non taxable income
Tom Young
If you create your own Category - let's say "Settlement Income" - and don't associate that new Category with some line item or form in the income tax return, then it's "non-taxable" income by default. It simply won't show up on the Tax reports at all, which is exactly correct.
adlucky
Tom thank you for taking the time and answering my question.
NotACPA
Extending
@Tom Young
's reply.
ANY category in Q, income or expense, is ONLY taxable if it has a Tax Line associated with that category. So, a category named "Federal Income Tax", with no tax line assigned is NOT a tax related category.
The name of the category is immaterial. The presence, or absence, of that tax line association is what matters.
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