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

Question

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

Jim_Harman · Answer

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!

SlideRule · Answer

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 · Answer

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.