Tax Summary report 2023 and estimated tax payments

Barry Nelson

Quicken Classic Premier version R53.32 Build 27.1.53.32

same software defect reported for 2022 persists.

The Federal estimated tax payment in Jan 2024 correctly shows up in the Tax Summary for 2023. The State estimated tax payment in Jan 2024 is missing and appears in the 2024 Tax Summary.

The incorrect year assignment creates a problem when importing the Quicken data into TurboTax.

volvogirl

Don't know about that problem but I would pay or date the state estimate in December and avoid the whole problem.

Tom Young

I see the same thing in my version, several steps back from the latest and greatest version, i.e., fed estimates properly presented, Jan 2024 not properly presented.

I don't do imports into TT so it's not a big deal to me, but Quicken absolutely should correct this.

Jim_Harman

My understanding is that for Federal tax purposes, state taxes paid in 2024, including state estimated taxes, are deductible on your 2024 federal return, not 2023. Thus Quicken is correct to include your January 2023 state estimated tax payment on the 2023 Sched. A but not a payment made in 2024.

Disclaimer: I am not a tax advisor. Consult your tax advisor

Chris_QPW

https://community.quicken.com/discussion/comment/20410290#Comment_20410290

I don't have to pay estimated state taxes, but I was curious of what TurboTax has on this so I brought that up:

Clearly TurboTax thinks that the January pay does go to last year taxes.

volvogirl

Well a 4th quarter state estimated payment made in January 2024 does go on your 2023 state return. But depending on the date it can be either a 2023 federal itemized deduction or 2024.