Pension and it's Federal Withholding is not reflected on Tax Report for the 1040 (Q Mac)

HJR

My social security and it's federal withholding is on the 1040 tax report but my pension is not. Both and more are reflected on the Tax Schedule Report.

Does Quicken for the Mac have a tax planning tool like Quicken for Windows?

Thank you

jacobs

Are you contributing to a pension or receiving one? What is the taxable event which is not showing on the tax report?

If you;'re receiving pension payments and they have federal tax withheld, where are those transactions coming from (downloaded or entered manually?) and how do you have those transactions set up with splits? Please provide more information and we'll try to help.

Jon

Quicken Mac doesn't have any kind of Tax Planning tool. What it does is associate certain categories with specific lines on tax forms, and include canned reports that list all expenses associated with some of those forms (like the Form 1040 report). You can look at specific categories in the Categories window to see which ones are associated with a tax form and which specific form & line they are connected to.

For whatever reason, Quicken doesn't associate pension income with Form 1040 even though there's a specific line for it on that form. Quicken associates pension income with form 1099-R and I don't think any of the canned tax reports include it. I personally don't really mind that; since I get a 1099-R from my pension provider I don't need Quicken to report that for me the way I do for things like medical expenses. But if you really need a report for that you'd have to create a custom category report with only that category.

I don't think there's any way to change the pension income category to associate it with form 1040 so it would show up on that tax report, either. Looking at the possible line entries for form 1040, pension income simply isn't in the list.

jacobs

Quicken associates pension income with form 1099-R and I don't think any of the canned tax reports include it.

No, it does show up in the Tax Schedule report, in a section for Form 1099-R.

The Form 1040 report doesn't show a number of things which end up on the 1040. For instance, salary/paycheck income shows up on the Quicken Tax Schedule under Form W-2, and those wages do not show up on the Form 1040 report. As best I can tell, the Form 1040 report is currently designed to catch things which are not included on other Quicken Tax Schedule/Forms.

I'd note that the "Tax Schedule" report is from the code developed for the first iteration of modern Quicken Mac more than a decade ago, and is still using the old reports engine technology developed at that time. The other tax schedule reports were rolled out just 11 months ago, as the developers work on re-writing the reports using the modern reports engine. I'm assuming they will continue the work they started and will at some point have a re-written Tax Schedule report and/or more individual tax reports. But for now, the old Tax Schedule report is the one which contains all the tax data.

Jon

No, it doesshow up in the Tax Schedule report, in a section for Form 1099-R.

You're right; I thought I'd checked that report for my pension income & didn't see it but apparently I just missed it.