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Quicken Classic for Windows
Budgeting and Planning Tools (Windows)
what is the best Tax Reporting category for my monthly pension income
DannyB52
I receive a monthly pension payment from a former employer. What is the best category to assign this to for tax planner purposes?
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Tom Young
"Form 1099R: Total pension gross distrib." for the gross amount. If there are any taxes withheld use the other available "Form 1099R;" lines for those.
Tom Young
The "special treatment" is that it's non-taxable. Ergo, don't connect it to any tax form in Quicken, it's just a Category of income that isn't taxable.
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Tom Young
"Form 1099R: Total pension gross distrib." for the gross amount. If there are any taxes withheld use the other available "Form 1099R;" lines for those.
DannyB52
Thanks Tom. No taxes are withheld. This payment receives special treatment when reported on my tax return as "housing allowance". I doubt QW's tax planner can handle that since it doesn't seem to allow for breaking out the taxable portion of Social Security income.
Tom Young
The "special treatment" is that it's non-taxable. Ergo, don't connect it to any tax form in Quicken, it's just a Category of income that isn't taxable.
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