Add tax year field for all tax-related items

DManowitz

It would be good to add to a tax year field for all tax-related items to ensure that they show up in the proper year when creating a tax report. Sometimes an item is recorded in one year, but it has tax implications for a different year.

For example, if you receive a medical insurance reimbursement in one year for an expense accrued in a prior year, the insurance reimbursement should really count in the prior year's tax summary. At the moment, the only way to have such a payment show up in the correct year's tax report is to manually set the date of the transaction to a date in the prior year.

Jim_Harman

This makes sense for certain tax items, but I'm not sure what the IRS rules say for that ordinary cash basis taxpayers.

Quicken already has a dialog for IRA contributions made before April 15 asking which year they apply to. This controls which year's tax report the contribution shows in. Also estimated taxes paid in January show in the prior year's tax reports.

But if you have a medical procedure in one year and don't get the bill until late the next year, are you really supposed or allowed to claim the deduction in the year the procedure was done?