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Quicken Classic for Windows
Registers & Transactions (Windows)
Federal Tax Refunds
REOlsen
In Quicken, is the appropriate accounting treatment of a federal tax refund received as cash Tax: Fed (Prior Year) expressed currently as a negative number?
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Sherlock
I suggest using a split deposit transaction and assigning one entry for the refund with the same category you use for your federal tax payments (for example,
Tax:Fed:1040
) and another to
Interest Inc
for any interest you may have received with the refund.
Frankx
Hi
@REOlsen
Yes, the entry should be posted to Tax:Fed (Prior Year).
Frankx
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