Tax Planner and Social Security Payments received

chazkov Member
edited October 28 in Reports (Windows)

When SS payments are received they are correctly included as income in the tax planner. However what it is not taking into account is a reduction in the taxable income amount by 15% which 85% of SS received should be taxable. Why is the planner not reducing the income by the 15%.

What am I missing?

Thanks in advancce.


  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭

    There has been an "idea" languishing on this forum for years. Please go vote for it.

    Quicken user since version 2 for DOS, now using QWin Premier Subscription (US) on Win10 Pro.
  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭

    And while we are waiting for Quicken to implement that, we can enter an adjustment to the SS income in the Tax Planner.

    QWin Premier subscription
  • markus1957
    markus1957 SuperUser, Windows Beta Beta

    I use an automatically entered scheduled income reminder with a split category to include 85% of the SS payment as taxable income and 15% as non-taxable. Then match the downloaded transaction when it comes into the account. Adjust the reminder once a year.

    Among other types of income, tax-exempt bond income is included in the taxable % calculation for SS income so to integrate it into tax planner is not as simple as it might appear. Tax exempt income would also have to be tracked in the tax planner; it is not currently tracked.

    IMHO, it's unlikely Quicken will ever implement this due to the complexity so use a scheduled income reminder.

  • chazkov
    chazkov Member

    Thank you everyone for your help.

This discussion has been closed.