Why isn't there a tax line assignment for estimated federal quarterly tax payments?

LauraLawton

I'm just trying to start using this feature and noticed that this is available for state taxes but not for federal. What are other people doing to address this?

Thanks,

Laura

Frankx

Hi @LaraLawton,

In order to see the subcategories under the "Tax" category do the following:

1. Open the Category List;
2. At the very bottom of the pop-up window, next to the "Options" button, you'll see "Show Hidden Categories";
3. Click on the little box next to "Show Hidden Categories"
4. Then page down to the "Tax" section and you should see the subcategories for the types of tax - including one titled "Fed Estimates"

Let me know if you have any followups.

Frankx

NotACPA

State estimated taxes are deductible, on your Federal return, in the year paid.

Fed estimated taxes go on Form 1040, line 26 (2023 return), so they probably should have a Q tax line.

BUT, this is far from being the only Tax-Line omission.

I've asked the Mods to convert this to an Idea, so that other users can vote on it.

[EDIT] I just took a look at the Tax lines in Q B&P, R55.26.

Fed Estimated Tax, QTrly IS already there. It's listed under Form 1040[/EDIT]

Quicken Jasmine

Hello @LauraLawton,

I went ahead and changed your post to an Idea so other users who have the same or a similar request can vote on your idea by clicking the up arrow (see below).

Ideas are also reviewed by our Development and Product teams in order to improve Quicken and implement new features requested by customers.

LauraLawton

Thanks - I'm new to this type of forum.

Frankx - I appreciate the feedback but that didn't solve my issue. I followed your suggestions and that category isn't available.

UKR

AFAIK, this flows directly into Form 1040.
If you don't have a category already, you should be able to create one with Tax Line Item of "Form 1040: Federal estimated tax, qrtrly"

QuickUserPSP

To add to what @UKR said - the tax category already exists in Quicken, but I think the issue is the tax list is not searchable or exportable. The tax item is easily missed, and I find that I need to go through the list very slowly, checking each line item carefully. If the list was sortable, searchable, or exportable, I think it would make things a lot easier.

Frankx

LauraLawton,

If you don't see that category, or one with a similar name, when you follow the above steps, then you need to add a subcategory to the "Tax-Federal" category. To do that simply "right-click" on the "Tax" category and in the drop-down box chose "New Subcategory" (see below snip) and fill in the "Details" and "Tax Reporting" tabs. Then click "Save".

Frankx

Rocket J Squirrel

@QuickUserPSP

If the list was sortable, searchable, or exportable, I think it would make things a lot easier.

The list exists as a plain text file.

C:\ProgramData\Quicken\Inet\Common\Localweb\Tax\TAX.SCD

QuickUserPSP

Thanks @Rocket J Squirrel I will have to add that to my bag to tricks.

LauraLawton

Thanks everyone for the feedback - I have located the Category Tax line Item at this point. I guess we will see if I can generate the data I need as it doesn't show up once entered.

I clearly have a lot to learn about this.

Laura

Jim_Harman

If you have already made an estimated tax payment for this year, you should go to that transaction and give it the Category that has the Form 1040: Federated estimated tax, qtrly tax line item

volvogirl

If you run a report for 2023 be sure to include January 2024 in case you made the 4th quarter payment by Jan 15. I make all my 4th Qtr estimates by Dec 31 to be in the right year. Or maybe the program knows a Jan payment is for the prior year.