Running a Report to dispute Indiana Penalty - Income categories to match 1099, by Month or Quarter

MishawakaKirk

Hi,
I'm wanting to dispute Indiana's wanting to assess a Penalty for underpayment of my Estimated Quarterly payments -- I'm trying to create a report, that matches my 1099-DIV, 1099-B and 1099-INT, then break it down monthly.

I've got 1099-DIV, which shows on the report as _DivInc which is too heavy (too much)
I've got 1099-INT, shows as _IntInc
and 1099-B, _RlzdGain.
I've tried only selecting the Investing Accounts that I have the 1099's for... doesn't work.
No matter how I try to run the report, I get numbers... just nothing that matches my 1099's total.

Quicken has been used all year, downloading all transactions as they happen; yet when I run a report and drill down, I see stuff I've no idea what it is, AND I have stuff missing that I know should be there. I've checked some dividends to see the category used.. some show, some don't. Same with Cap Gains and Interest payments

Indiana State taxes wants to assess a penalty based on when Quarterly payments were made -- unless I can find when Income was actually created; which is why I'm trying to create / run this report.
Any and all ideas and suggestions appreciated!

q_lurker

I'd take it one security at a time to match up to 1099s.
For the 1099-B, I'd be comparing to a Capital Gains report.  

IIRC, any Short Term Cap Gain distributions from a mutual fund usually get reported on a 1099-Div form.  

RtrnCap distributions also impavt dividend distributions.

Without knowing specifics or your investments, and what they paid, it is hard to offer anything very solid.. 

Rocket J Squirrel

I also tried to get Quicken to show my irregular income over the course of the year for the same reason. I eventually gave up even though my data all looks good. I will pay the relatively small penalty rather than spend any more time trying to get good reports.

Jim_Harman

Have you been reviewing the transactions as you receive them, or just accepting them? I think if there are discrepancies between Quicken's data and the 1099s, you will want to resolve them. One issue you may encounter is that the 1099s may show different dates for the distributions than when you actually received them.

I would try the report at Reports > Tax > Tax Schedule. You can set the date range to Quarter and pick the quarters one at a Time. Unfortunately the Monthly date range only goes back to the past 12 months, but you can set custom dates if you want. This will produce a separate report for each period. This report selects just your taxable accounts by default, and just Categories that have associated Tax Line items. . 

If you want a report that has a column for each month, you can use the Spending > Income & Expense by Category report. Pick Yearly, 2022, and Month for the date range and interval. This summarizes the totals for each period, but you can double click on any number to see the underlying transactions. Note that interest in banking accounts does not use _IntInc for the Category, you will have to assign the Sched B interest tax line item to the Category you use for bank interest. 

You can also customize the reports to include just the Categories you want - _DivInc and _IntInc and  also _RlzdGain, _LT CapGDst, and _ST CapGnDst if they are applicable.

Good luck, and please post back with any further questions.

Tom Young

One possible source for a difference between Quicken's total for a security's dividend for the year and what you see on a 1099-DIV is the fact that a dividend can be paid in one year but it gets reported for tax purposes in the previous year. 
As part of my income tax return preparation I reconcile each security's dividend total per quicken to what appears on the 1099-DIV.  That reconciliation frequently requires one or two adjustments for this situation.

Jim_Harman

Quicken does a good job of capturing your total income in appropriate Categories, but does not always have all the information that will be needed to accurately compute the amount that will be taxable on either the Federal or State level.

Examples include:
-- Qualified dividends
-- Federal tax exempt income that is taxed by your state
-- Income from US government securities, taxed at the Federal level but not by states

Thus even with accurate Quicken reports, you will need to make some adjustments. The Tax Planner helps with this, but it does not really address state taxes.

Is there an Indiana worksheet you need to fill out? What information and level of detail does it require?