How to enter Tax Exempt Disability Compensation in Quicken?
Rich Member ✭✭
edited April 2022 in Budgeting and Planning Tools (Windows)
I receive Tax Exempt Disability Compensation which I want to enter in Quicken but there is no category I can use that will show it as tax exempt Compensation. Any help would be appreciated.
You are correct that Quicken doesn't have this as one of its standard categories, but you can setup a custom category for this income.
One approach would be to look for categories that come close but aren't exactly what you want. For example, there are existing categories that folks use who don't want to track their tax withholdings in Q. These are "Net Salary" and "Net Salary Spouse" and both are in the "Income" type and the "Personal Income group and they don't have tax lines attached (see Snip below). And you can actually edit the name of the "category" to anything you want (see the "Edit:" drop down menu in the Snip).
Another approach. would be to simply add a new category. To do that simply click on the "New Category" button (also can be seen in the Snip above). Quicken allows you to customize it any way you want. In your case - you should leave the "Tax Reporting" tab blank.
Let me know if you have any followups.
Quicken Home, Business & Rental Property - Windows 10-Home Version
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