Quicken for Mac - Taxes

Architect55

Sorry, this may be posted somewhere already but I'm trying to track my taxes paid YTD if it's possible. When I download my deposits it only registers the Net amount deposited but I would also like to track the taxes paid on the income (3 different income streams). It looks like the Windows version is able to capture this in the "Planning" tab but this tab is not available in the Mac version. Any help would be appreciated.

jacobs

Quicken has no way to magically know what was deducted from your pay. What you want to do is create a transaction with the Amount showing the net pay, the first split line showing gross pay, and then additional split lines showing various tax deductions or other withholdings. Here's an example:



Once you create this transaction, then you can Schedule it, so it recurs every week or every other week or bimonthly or whatever your pay schedule is. If you have multiple employers, you can have multiple different scheduled transactions.

When you download the net pay transaction from your bank, if the amount is identical, it will likely auto-match to your manually-entered transaction; if not, you can manually match them by dragging one onto the other.

Of course, if your pay amount and/or deductions change, you will have to edit the transaction split amounts.

Post back if this isn't clear.

Architect55

Thank you for the reply Jacobs. I'll try this method and post back if I have further questions. I appreciate your help.

larc2

thanks @jacobs works for me!