Tax Planner and Schedule K-1 income

Jim_Harman

QWin has tax line items for K-1 income but I don't see any place where these are picked up in the Tax Planner. Am I missing something?

I don't see any way to way to add tax line items to the Tax Planner entry forms.

I suppose I could classify K-1 dividends for example as Sched. B Dividends so that they are included in the Tax Planner, but then they would be in the wrong place in the Tax Schedule report.

markus1957

Are you sure about that?

A K-1 is like a 1099, The K-1 income gets recorded on the Schedules (B,D, etc.) the same as if the income was reported on a 1099. So creating a category for K-1 divs and assigning Schedule B divs as tax line is appropriate.

But, as you say since K-1 tax lines are shown, there would be no harm in Quicken adding them to the tax lines that report to the tax planner buckets, but doing so would not change where the income was displayed in tax planner.

John Bythewood

I changed by Category 'Tax Line Item' to 'Schedule K-1: Guaranteed partner payments' and the funds/payments/income from the K-1 shows up on the tax planner. Technically correct or not, it works!

Jim_Harman

Thanks for this info. Where does the K-1 income appear in the Tax Planner?

[edit] I see now, it is in the Schedule E Partnership income section, so it will be fully taxed.