Quicken V:R39.23 Tax reports are not correct for State Estimated Taxes

SlideRule
SlideRule Member ✭✭
edited May 3 in Reports (Windows)
Running Tax reports for year 2021, the Federal Estimated Tax totals are correct ( Includes payment made Jan 10, 2022 as a part of the tax year 2021 )

But, the State Estimated Tax Totals does NOT include the Jan 10, 2022 payment as a part of the total payments for tax year 2021.

Any advice? Maybe somewhere I can change the fiscal year for State Estimated Taxes from May 2021 to May 2022 ( Or whatever the state fiscal year is )

Thanks
SlideRule

Answers

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    edited April 2
    SlideRule said:
    But, the State Estimated Tax Totals does NOT include the Jan 10, 2022 payment as a part of the total payments for tax year 2021.
    This is correct. Federal taxes only include state payments actually made during the tax year.
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited April 2
    If you haven't already, I suggest you verify the Schedule A:State estimated tax, qrtrly tax-line is assigned to the transaction: right-click on the transaction and select Tax line item assignments

    Note: The tax reports do filter the transactions by date but so does the IRS.
  • SlideRule
    SlideRule Member ✭✭
    Perhaps I posted the information incorrectly. Quicken reports payments to IRS correctly and includes the Jan 2022 payment as a part of the 2921 tax report and exports to TurboTax the IRS information correctly.
    But, Quicken does not report the Jan 2022 State payments as a part of the 2021 State Tax year, and does not include the Jan 2022 payment into the state tax report for 2021. My problem is with the reports for state taxes ( Year 2021 ) and the exportation into TurboTax for year 2021 state tax forms.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    edited April 2
    The Quicken tax reports are showing the information you need to prepare your FEDERAL tax return. That includes state estimated taxes paid during calendar year 2021. Consult your tax advisor and/or see the instructions for Schedule A line 5a:
    https://www.irs.gov/instructions/i1040sca#en_US_2021_publink53061xd0e667

    You may need to report different information on your STATE tax return

    If you want to deduct the state estimated taxes due in January on the previous year's federal return, you must make the payment in December. Note that the state and local tax deduction now has a $10,000 cap.
    QWin Premier subscription
  • SlideRule
    SlideRule Member ✭✭
    Looks like that is what I will have to do going forward. Make the Jan Estimated Tax Payment to the State in December.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
    If the total of your state and local taxes paid in a year without the January payment is over $10,000, there is no benefit from moving the January payment around.

    Also most people no longer benefit from itemizing deductions because of the large standard deduction.

    Consult your tax advisor, not me!
    QWin Premier subscription
This discussion has been closed.