Why Is Business Income Now Called "Unspecified"
I've been using Quicken for over 20 years and on my invoices I've always used the category "Consult Income" and it has always showed up properly on my tax schedule report.
I just ran the tax schedule report for last year and all my income starting in June is now listed as "Unspecified Business Income".
As far as I know I didn't make any changes.
Any idea what happened? How do I fix this going forward?
Answers
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Check the Tax line item that is associated with your Consult Income Category. The default Consulting Income category uses Schedule C:Gross Receipts or Sales
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The Consult Income category has "Tax related category" and "Standard line item list" checked and the tax line item set to "Schedule C : Gross receipts or sales".
On the tax summary report, Quicken knows that it is Schedule C income, it just doesn't have it tagged to my business. The tag column is blank and Quicken lists it as "Unspecified Business Income".
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I have the same problem except it is all of my payment records that get transferred to a bank account that are being listed, not the invoice records and all of the amounts are $0.00. The invoice records show up under 1099-MISC>Nonemployee Compensation as they should. When I open the payment form for the flagged transactions I do not see anything wrong.
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