Quarterly tax payments

Lou Meyer

Quicken used to ask for tax year when entering January quarterly estimated tax payment. This year it didn't and the 4th quarter 2022 tax payment paid Jan 2023 is not on current year's tax reports. Needs correcting (or at least a work around immediately. Home, Business and Rental with latest update.

UKR

What category did you put on the transaction?  There are some subcategories under Tax with "W-2" tax line items that supposedly trigger the Tax Year popup.

Chris_QPW

UKR said:

What category did you put on the transaction?  There are some subcategories under Tax with "W-2" tax line items that supposedly trigger the Tax Year popup.

I would think it would be the tax line, not the category that would trigger this, but I haven't seen that in all the time I have used Quicken.  There is a prompt for it for IRA deposits, but not for estimated taxes.  The tax reports/planner already take into account that a January estimated tax withdraw is for the year before, provided that is in on the 17th or earlier.

Lou Meyer

Except for me it reports on 2023

Lou Meyer

Check resister entry

Chris_QPW

What does it show for 2022?

I’m not home, so I can’t check, I’m wondering if it is reported in both years.

Unknown

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Lou Meyer

Just 2023.

The real issue is Quicken never asked what tax year this is for. Regardless if the payment was made before Jan 16, estimated tax payments made prior to 1/16 can by applied to current tax year or last year. Same with IRA contributions made prior to April 15. Those can apply to either year. So making the assumption that am estimated tax payment made prior to Jan 16 or IRA contribution prior to 4/15 applies ONLY to LAST year is simply an incorrect assumption. If that was an "enhancement" in 2022, it needs to be removed.

Chris_QPW

I'm back home, and I tested it.  Mine doesn't show up in the 2023 tax schedule report.
Check to make sure you have assigned the correct tax line to your category.

I also tested in Quicken 2013, same behavior.

This isn't something new.  If you want an enhancement where Quicken asks you about it instead of assuming it the way it does I suggest you put that in as an Idea so that people can vote on it.  You can do that by going to the Home page and selecting New Post -> New Idea.

Lou Meyer

The second screen shot shows I have the correct tax item assigned. It's the tax SUMMARY report that is wrong. The Tax schedule report is correct. My point remains,,, Quicken used to ask for TAX YEAR and now it doesn't. That's the BUG. Assuming the tax year based on a Jan 16 or April 16 date belongs in previous year is not correct.

Chris_QPW

It is fine in my Tax Summary report, Tax Schedule report, Tax Planner, and I have never been asked this question in all the time I have used Quicken.

Lou Meyer

Well my Quicken file has transactions back to 1995 and I'm telling you at one time it did. Even as recently as last year. I actually stumbled upon this issue about 10 years or so ago and submitted an enhancement request to Intuit (back when they owned it) and it was put in sometime later. There were at least three types of transactions that applied. Jan estimated payment, IRA contribution and Tax refunds

Chris_QPW

Well, I guess the next step would be to contact Quicken support.  I will point out one thing though.  Your second screenshot shows that you assigned a given category, it doesn't show what tax line that category has.  That would be shown in the category list.  I noticed that when I tried this on Quicken 2013 Deluxe, that category didn't exist, and I had to create it.
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UKR

If nobody has suggested a workaround yet ...

If all else fails, record this transaction with a 12/31/2022 date. This will make it appear in the correct year for your tax export.

Rocket J Squirrel

This is a puzzler. The only thing that jumps out at me is "Accrual Basis" in the screen shot of the Tax Summary report. I can't test this in Premier. Maybe switching to cash basis would make a difference. Just guessing at this point.

Lou Meyer

Well somehow the Tax summary report for is now reporting in correct tax year. (screen shot 1 shows it on the Tax summary for 2023, run yesterday, rather than 2022). Screen shot 2 was intended to show correct Tax item was correctly linked to category. There was an update done this morning to Feb 2023 release, but release notes makes no mention of the issue. I'll see if the prompt for tax year comes up when my refund is posted or until next January's estimated payment is made.