State Tax and Category/Tax Line Item in Quicken
Hi all, I am setting up a paycheck and in Massachusetts, there is a tax for Paid Family Leave Insurance (FLI) and Medical Leave Insurance (MLI). It is a mandatory contribution taken out by the employer unless they opt out. Would I include this as a "state tax" category or "other"? It appears on the Box 14 on my W-2.
Thanks!
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This is a question that really should be asked over in the TurboTax forum since we shouldn't be trying to give tax advice here.
I found this question and answer regarding the Paid Family Leave Insurance
and I'd guess that answer applies to the Medical Leave Insurance as well, but don't take my word for it.
The definitive answer really should be available to you from the Massachusetts taxing authorities as I'm sure this question has come up many thousands of time from Massachusetts tax payers.
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That would be applicable if I was asking how to use it within TurboTax or asking if it is deductible or anything else (which is handy as I haven't even thought of that part). I am just trying to have the categories set up correctly within Quicken and it's functioning for documentation. I just realized, for example, that for about 10 years I have been using the dental benefit slot within the paycheck setup when it is not a benefit, it is dental insurance it just comes out of my check. This is what I am referring to regarding the correct category. Some of the topics go hand in hand because Intuit does both but for this I just like to have things correctly filled out within Quicken then deal with the tax stuff later!
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We have FLI in NY. I set-up a category under "Salary Deductions" and named it "NY: State FLI". There is no tax reporting associated with the category.
I would do something similar, say one category "MA: State FLI" and another "MA: State MLI". You could put both under the parent of "Salary Deductions" (if you have a category "Salary Deductions that is).
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