Is there a category for "state exempt" interest?

I have read multiple recommendations for recording US Treasury bill interest. Generally, the 'discounted ' purchase price is used as the sales price and the interest is entered separately as intinc because it is federally taxable; but, it is exempt from stare taxes. Can a category be created for this? ie. 'Int-State Exempt'

Answers

  • Mark1104
    Mark1104 Member ✭✭✭✭
    edited January 18
    @ScottofPA - yes, when you set up the category, there is a tax reporting tab.  Choose "schedule B: US Government Interest" .  You can't set up something that states "int-state Exempt", but using the Gov't interest' provides the same result: it's separate from other interest you may have.  
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    I suspect getting an investment account transaction recorded that way will require use of a MiscInc transaction where you can then apply that specific category. You can’t assign a category based on the security. That is, you can’t direct Quicken to use that category for your US Treasury bill interest transactions automatically. 
  • Mark1104
    Mark1104 Member ✭✭✭✭
    I have my Bonds as a "banking" account and not an "investment account:, so what I proposed would work.....to me, these are 'near cash' , hence a "banking account" 
  • ScottofPA
    ScottofPA Member
    Thank you Mark1104. FYI: Your solution does work in an investment account; and, for me, a new category had to be created. I created the category State Exempt as a subcategory of "Interest Inc" [i.e. "Interest Inc:State Exempt"]. In creating the subcategory, I chose "schedule B: US Government Interest" as the "Tax related category" under the "Tax reporting" tab. In entering the transaction, I used the "MiscInc" "Action" and selected my newly created subcategory "Interest Inc:State Exempt" under the "Category for miscellaneous" drop down.