Tax Reporting Line - Advance Child Tax Credit

When entering a New Category, what Tax Reporting line did everyone use the for Advance Child Tax Credit?
Also received a credit for overpaying taxes on unemployment. I am not sure what Tax Reporting Line I need to use for that one as well.

Any recommendations or thoughts?

Answers

  • Mark1104
    Mark1104 Member ✭✭✭✭
    let me ask you this....if you get a tax return when filing your taxes, where did you post THAT credit. I'd use the same thing for the Advance Child Tax Credit - because it has the same effect.... you are simply receiving part of the tax refund you normally receive in March / April .

    for the overpaying taxes on unemployment refund, it's really the same thing as my question above.  I'd 'trick' Quicken and tell Quicken it was received on 12/31/20 so that it doesn't comingle with 2021 tax reporting. 

    Alternatively, I might set up a new EXPENSE (I know not intuitive) category called 'federal tax credit' and for the tax category assign it to '1040 estimated tax payments",  this is the opposite of a estimated tax payment.  But again, find a way to separate your two examples as the Unemployment Refund relates to 2020 and the advance child tax credit relates to 2021
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    I've got categories for both current taxes withheld (with his and hers sub-cats, tied to tax lines) AND a category for Prior Year Taxes (with Fed and State sub-cats) which are NOT tied to any tax lines because the income tax in my state is trivial, so I deduct Sales Taxes Paid instead.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • OnlineDestruction
    OnlineDestruction Member ✭✭
    I just ended up creating a category as "IRS Income" and then sub-categorized the Payments as "Stimulus", "Advance Child Tax Credit" and "Unemployment Tax Overpayment Refund". All without the date just in case it happens again in the future. I will just have tie the transaction date to the timeframe and use the memo for year it affects.

    Thanks for the quick help!
  • BK
    BK Member ✭✭✭✭
    ... I will just have tie the transaction date to the timeframe and use the memo for year it affects.
    I use the TAG field for that purpose, such as TY2020 for tax year 2020 and so on which can help run a custom report and filter by a specific Tag value.
    - Q Win Deluxe user since 2010, US Subs R32.12
    - I don't use Sync, Cloud, Mobile & Web, Bill Pay/Mgr
    - Techie, Win10 Pro x64 21H1, and Win11 Beta
Sign In or Register to comment.