Tax Planner and Social Security Payments received

chazkov

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

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

https://community.quicken.com/discussion/7854216/tax-planner-compute-taxable-social-security-income

Jim_Harman

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

markus1957

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

Thank you everyone for your help.