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Is there a way to get capital gains/losses split between short-term and long-term?

wdhjr1

Quicken Deluxe's income reports don't appear to be able to show this separation. Will Quicken Premier?

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Rocket J Squirrel

Premier has it. I don't have Deluxe to test, but does it not have this in the CG report?

Image: https://us.v-cdn.net/6031128/uploads/editor/ag/i2cj3v0om42h.png

Chris_QPW

The Deluxe edition has the Capital Gains report.
Reports -> Investing Capital Gains

Image: https://us.v-cdn.net/6031128/uploads/editor/1t/z13jnbd5vjxw.png

Looking at it in comparison to the Premier edition I think the only investment report it is missing s that investment activity.

wdhjr1

Thanks for pointing me to that Quicken report that lists all security sales' capital gains and losses by short-term vs long-term. Is there any way this information could be summarized in the Income Reports? DISTRIBUTED Short-term and Long-Term Gains and Losses are shown separately there, but REALIZED gains and losses are all lumped together. When calculating quarterly estimated taxes, it's important to have the breakdown as different tax rates apply. But I do thank you for pointing out a good alternate source. [Removed- Privacy]

Chris_QPW

The Capital Gains report is for taxable income, by default it excludes tax deferred account, and nontaxable accounts/securities. That is what you need for your estimated taxes.

P.S. you shouldn't post your email address on this forum. It is a public forum and people might use it to spam you.

q_lurker

wdhjr1 said:

Thanks for pointing me to that Quicken report that lists all security sales' capital gains and losses by short-term vs long-term. Is there any way this information could be summarized in the Income Reports? DISTRIBUTED Short-term and Long-Term Gains and Losses are shown separately there, but REALIZED gains and losses are all lumped together. When calculating quarterly estimated taxes, it's important to have the breakdown as different tax rates apply. But I do thank you for pointing out a good alternate source. [Removed-Privacy]

You can customize the CG report to each of the three periods applicable to the estimated tax periods (Jan-Mar, Jan-May, and Jan-Aug) but that will be three separate customizations. Similarly, the more general Tax Summary or Tax Schedule reports would also need that customization three times. That process would be applicable for potentially reducing any penalty due to underpayment of quarterly estimated taxes, which I think is what you are after.

No other way that I know of.

Chris_QPW

@q_lurker I read the comment completely differently. I don't see anything in the comment about "date ranges". Just DISTRIBUTED and REALIZED. Which I take as a misunderstanding of what is on the Capital Gains report gives by default. One could customize it and include IRA accounts, but that would be wrong. You want a report of the taxable amounts, not the nontaxable ones. There isn't any "mixing" that needs to be reported separately. If one just wants to know about what income they have, that is a separate report, and really isn't connected to the taxes that one might have to pay. And if one is looking for withdraws from an IRA account that is a completely different thing, which is taxed at your full rate.

As far as the date ranges come into play it seems to me that since none of these reports use future reminders, you are always only just reporting the last "period". As in, you customize the report for the first quarter, and then pay that. Then in the next quarter repeat.

Ps56k2

For tax purposes and the YTD Cap Gains -
I usually just bring up the Tax Planner and see how the numbers look,

which should reflect my current CG along with my ES-1040 payments, and how much I may still need to pay....

The killer is the end of year mutual fund payouts - and I manually project that with an "adjustment" in the Tax Planner and then see what I may need to pay for the final January 15th ES-1040 for the previous year.

Chris_QPW

Ps56k2 said:

The killer is the end of year mutual fund payouts -

I don't have such problems "yet", because most of such for me are in nontaxable or tax deferred accounts, but it seems to me that one could just pay more on the last estimated tax payment in January. One doesn't have to have equal estimated tax payments, and as such, shouldn't have to "predict" what might happen at the end of the year.

What am I missing?

Maybe it is just the difference between your desire to predict your taxes, opposed to what is actually needed to pay the taxes?

q_lurker

@Chris_QPW. My take on this follow-up question --
Distributed vs Realized:

DISTRIBUTED Short-term and Long-Term Gains and Losses are shown separately there, but REALIZED gains and losses are all lumped together.

Mutual funds distribute the gains they realize so that their shareholders are responsible for the taxes. They report those as LT or ST distributions (distinct from dividends) and Quicken sums those and reports those on various tax and income oriented reports as LT or ST distributions. In contrast, gains/losses developed from the investors/users own generated sales are broadly maintained in Quicken only as realized gains/losses. It is only the Capital Gains report that presents the distinction between short term and long term for those sales. Neither of those aspects relate to a taxable/tax-deferred account status. Those only relate to taxable accounts but both relate to taxable accounts. That is how I applied the OP's "lumped together" phrase. I did not interpret 'distributed' to refer to tax-deferred accounts at all.

When calculating quarterly estimated taxes, it's important to have the breakdown (between LT and ST) as different tax rates apply.

I see two ways to approach that comment. I took the direction of "preparing 2021's taxes", but it could also involve "preparing to estimate 2022's taxes". In that latter case, it seems to me to be simple enough - You are generating the two reports (the "income" report and the cap gains report) for effectively Year to date and with that info preparing the current estimate using that current income.

In the former case, I was speculating that the problem was underpayment of the 2021 estimated taxes, that underpayment leading to a penalty based on assumed uniform income throughout the year, Showing the IRS that the income (wages, dividends, ST gains, LT gains, etc.) was weighted toward the end of the year can be used to reduce the penalty as compared to when uniform income is assumed.

As far as the date ranges come into play it seems to me that since none of these reports use future reminders, you are always only just reporting the last "period". As in, you customize the report for the first quarter, and then pay that. Then in the next quarter repeat.

The OP wants to know separately various forms of income, including a separation of realized gains into the two subgroups of ST and LT. That only gets presented by Quicken in the Capital Gains report. (Though perhaps the tax planners also get it right. I don't use those as they have in the past seemed to generalized for my needs.)

Chris_QPW

@q_lurker thanks for very complete explanation.

wdhjr1

Thanks to all who responded. I'll plan to use the Taxable ST vs LT Capital Gains/Losses report, as suggested, to complete the info needed to calculate all four Quarterly Estimated Tax submissions. wdhjr1