New Debt Account

Chuck64@

I am trying to add a new debt account for the balance due on my 2021 federal tax. I have a debt account named 2019 Federal Tax. When I try to add 2021 Federal Tax Quicken says I already have an account with that name. I don't.

Chuck64@

Found the answer with the help of Quicken support. I had created a 'Category' with the name 2021 Federal Tax. Quicken compares category names and account names when adding accounts.

Chuck64@

Found the answer with the help of Quicken support. I had created a 'Category' with the name 2021 Federal Tax. Quicken compares category names and account names when adding accounts.

Boatnmaniac

Thanks for posting your update here.  I'm sure there will be others who find this to be helpful.

NotACPA

I have a category "Prior Year Taxes", with Sub-cats "Federal" and "State".

The date of the transaction indicates what year it's for ... so that I don't need  50 (and counting) separate categories for those prior year taxes.

Boatnmaniac

NotACPA said:

I have a category "Prior Year Taxes", with Sub-cats "Federal" and "State".

The date of the transaction indicates what year it's for ... so that I don't need  50 (and counting) separate categories for those prior year taxes.

A perfectly legitimate method for many people but for others who want to see more detail it comes up a bit short because transaction dates alone are not the best way to determine which calendar year the tax payements and refunds are really for.  For instance, when the annual tax return is done and additional tax needs to be paid that tax still due for the prior year is paid in the current year.  And when a refund is coming for one year it will always be received in the following year.  And for those who might have a tax payment plan for prior year taxes those payments are made in the current year, not the prior year but they are for the prior year.  So, I can see the benefit of having taxes further categorized by calendar year.

NotACPA

@Boatnmaniac, while I can see your point ... a category (let alone 50  -- that how many federal returns I've filed) with a single transaction in it seems like overkill.