QMac needs an Investment category for US Government Interest
MontanaKarl
Quicken Mac Subscription Member, SuperUser, Mac Beta Beta
QMacs "Investments" subcategory is locked: we cannot add, modify or delete the existing categories. This means that maturing Treasuries in an investment account have to be handled somewhat awkwardly using a user-defined category that will not appear within the Investment subtotals.
https://community.quicken.com/discussion/7869754/qmac-what-category-for-us-government-interest-in-brokerage-accounts
The Investments category has two interest income subcategories:
Interest Income [taxable]
Interest Income Tax-Free [tax-exempt - federally, and possibly state if it is from your state]
Missing is US Government Interest - which is exempt from all state and local taxes, but is federally taxable.
I've been handling this, like others, with a subcategory of Interest Inc (a non-investment category) that I called "US Treasuries" and linked to Tax Schedule B > US government interest.
This works fine - categorizing the interest as "Misc Income" in the investment transaction register and then selecting the created US Treasuries category. But, ideally, this belongs grouped with other income in the "Investments" subreport. Only Quicken Inc themselves can add this category for US Government Interest to QMac (since they have locked us out of modifying Investment categories).
But, even adding that category is still not quite enough to handle Treasury zeroes (or any zero-coupon bond), which are totally painful at present.
Schwab, for example, downloads a maturing Treasury Bill at its redemption price. That price, though, includes both returned principle and [US Government] interest. Let's say you have a 10,000 T Bill come due that includes 300 in interest. The Sell transaction cannot be split - which is my wish... for an optional Misc category entry to be included in the transaction itself. Therefore, the Sell has to be edited, to change the 10,000 to 9,700. Then a new Misc Income transaction with the same date has to be manually created to show the 300 interest as US Government Interest. If we could split the Sell, by placing an amount in a Misc Income box within the sell, the entry would clearly show the full maturity value including the accrued interest.
But, if we could at least get an Investment category for US goverment interest, the interest would show up where it belongs.
https://community.quicken.com/discussion/7869754/qmac-what-category-for-us-government-interest-in-brokerage-accounts
The Investments category has two interest income subcategories:
Interest Income [taxable]
Interest Income Tax-Free [tax-exempt - federally, and possibly state if it is from your state]
Missing is US Government Interest - which is exempt from all state and local taxes, but is federally taxable.
I've been handling this, like others, with a subcategory of Interest Inc (a non-investment category) that I called "US Treasuries" and linked to Tax Schedule B > US government interest.
This works fine - categorizing the interest as "Misc Income" in the investment transaction register and then selecting the created US Treasuries category. But, ideally, this belongs grouped with other income in the "Investments" subreport. Only Quicken Inc themselves can add this category for US Government Interest to QMac (since they have locked us out of modifying Investment categories).
But, even adding that category is still not quite enough to handle Treasury zeroes (or any zero-coupon bond), which are totally painful at present.
Schwab, for example, downloads a maturing Treasury Bill at its redemption price. That price, though, includes both returned principle and [US Government] interest. Let's say you have a 10,000 T Bill come due that includes 300 in interest. The Sell transaction cannot be split - which is my wish... for an optional Misc category entry to be included in the transaction itself. Therefore, the Sell has to be edited, to change the 10,000 to 9,700. Then a new Misc Income transaction with the same date has to be manually created to show the 300 interest as US Government Interest. If we could split the Sell, by placing an amount in a Misc Income box within the sell, the entry would clearly show the full maturity value including the accrued interest.
But, if we could at least get an Investment category for US goverment interest, the interest would show up where it belongs.
Quicken user since 1990, MacBook Pro M2 Max on Sequoia 15.1.1
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Comments
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I purchased I Bonds for the first time this year (and I suspect I'm not the only one) so this is going to be an issue for me when I eventually sell.0
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