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Quicken Classic for Windows
Errors and Troubleshooting (Windows)
Why are tax items appearing as other allowable expenses in tax planner
mkentburel
I'm running Quicken for Windows Premier. Two of my tax categories show up as other allowable expenses in tax planner. How do I make these categories show up as taxes paid?
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Tax Planner
Accepted answers
Boatnmaniac
Your 3rd picture shows the tax line items associated with those categories are from Schedule C. Schedule C is for profit or loss for business so they are being captured as allowable business expenses which is probably what they should be if you are running a business and paying these taxes as business expenses (i.e., as the business' tax liability for wages paid to others).
However, if these are not business expenses and are really personal wage expenses (I suspect this is the case because you are capturing Fed tax as a W2 personal wage expense and are not saying that is an issue), then you should probably change the tax line items associated with these two categories to:
For Medicare tax paid:
W2:Medicare tax withheld, self
(or
spouse
if this is for your spouse).
For SS tax paid:
W2:Soc. Sec tax withheld, self
(or
spouse
if this is for your spouse).
The change the tax line item associations for these two categories:
Category List > select the category > Action button (in the far right Action column) > Edit > Tax Reporting tab > select the correct tax line from the drop-down > Save
.
Did I understand the issue correctly and did this resolve it for you?
All comments
Boatnmaniac
Your 3rd picture shows the tax line items associated with those categories are from Schedule C. Schedule C is for profit or loss for business so they are being captured as allowable business expenses which is probably what they should be if you are running a business and paying these taxes as business expenses (i.e., as the business' tax liability for wages paid to others).
However, if these are not business expenses and are really personal wage expenses (I suspect this is the case because you are capturing Fed tax as a W2 personal wage expense and are not saying that is an issue), then you should probably change the tax line items associated with these two categories to:
For Medicare tax paid:
W2:Medicare tax withheld, self
(or
spouse
if this is for your spouse).
For SS tax paid:
W2:Soc. Sec tax withheld, self
(or
spouse
if this is for your spouse).
The change the tax line item associations for these two categories:
Category List > select the category > Action button (in the far right Action column) > Edit > Tax Reporting tab > select the correct tax line from the drop-down > Save
.
Did I understand the issue correctly and did this resolve it for you?
mkentburel
Beautiful. Thank you so much for this reply. It describes my situation exactly. I adjusted the tax line for the two categories and the problem went away. Your reply is thorough and accurate. I appreciate the time you spent answering my question.
Boatnmaniac
You are welcome. I'm glad this fixed the issue for you.
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