How do I properly report/track ES-1040 payments in Tax Planning Center? (edit)

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I'm in the "Planning: Tax Center". 1) I have made an est tax payment in January 2024 for 2023 tax year. It shows up in my in my "Tax-Related Expenses YTD" section of the planning tool. However, when I look in the "Tax Summary Report" it properly filters it ($5000 est payment) out as Quicken appears to know it is for 2023. Why am I seeing an est payment for 2023 in the 2024 planning tool? 2) I made a final tax payment on April 15, 2024 ($3939) for the 2023 tax year. This amount is showing up in my tax center for the ytd taxes paid, but again is properly filtered out of the tax summary report.

So, I think both questions are the same: Why is the tax planning center not properly filtering out data for last tax year? This screen shot shows 2 things; 1) the mismatch in TAX:Est Fed Taxes ($5000 from Jan 2024 est payment for 2023 tax year) vs the report; and TAX:Fed includes the final tax payment for 2023 ($3939), where the report clearly filters is out. The report is reporting things correctly, but not the tax center?

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
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    When recording these tax payments, were you prompted to enter the Tax Year for each transaction?

    As a workaround … If you were not prompted, despite having made the payment in 2024, try dating the transaction to 12/31/2023 (and put the actual payment date into the Memo field). See if that helps.

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    For the taxes that I pay with my IRS 1040, I use a special category that I created "Prior Yr Taxes" that, itself, doesn't have a tax line associated with it.

    Only the taxes that I pay in a year for that year use categories with tax lines associated.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Ps56k2
    Ps56k2 Alumni ✭✭✭✭
    edited June 9
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    yeah - here is our Category List - with the ES-1040 item -
    Note…. that it has the proper linked tax line item

    you can also use a Reminder for the ES-1040 dates -
    and there is a special Reminder Wizard with the proper quarterly dates -

  • jdschachte
    jdschachte Member ✭✭
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    To UKR: When recording these tax payments, were you prompted to enter the Tax Year for each transaction?

    Yes it asked for prior year payment for the state transaction; But NO for the Federal transaction right below it: This is exactly my problem:

    But here the fed tax final April 15th payment for 2023 does ask about the prior year

    They do properly report in the "Tax Schedule Report", just not the planning center?

  • jdschachte
    jdschachte Member ✭✭
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    To PS56K2 (UW Badger fan):

    At your recommendation, I have set up the Bill Reminder for quarterly payments. I'll see how that work out in time. Still my question remains why it reports properly in my Tax Schedule Report" but not the tax center planning tool (which would much more convenient.

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
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    @jdschachte

    Still my question remains why it reports properly in my Tax Schedule Report" but not the tax center planning tool (which would much more convenient.

    You have to make sure the transactions' category is associated with the tax line item Tax Planner expects to see. In any Details pane, click "View tax form line items used here."

    Quicken user since version 2 for DOS, now using QWin Biz & Personal Subscription (US) on Win10 Pro.

  • jdschachte
    jdschachte Member ✭✭
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    Rochet:

    Interesting and thank you for pointing me here. These number do NOT match? The detailed view is correct ($8000), why doesn't it match the Tax Planner view?

    The $5000 difference is because of this transaction in January, which is a $5000 est payment for 2023. But for some reason Quicken is NOT asking me the question (for which year?):

    However, it is reporting correctly in the "Tax Schedule Report":

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    That's why I've got the separate category, not associated with a Tax line, for "Prior Yr Taxes:Fed" … so that those payments don't get commingled with taxes to report on the 2025 IRS Form 1040.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Ps56k2
    Ps56k2 Alumni ✭✭✭✭
    edited June 18
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    interesting…. I just stumbled into this -
    and think I have the same general issues with the January and (missing March) ES payment -
    Just edited/changed my March date to reflect an April date, and it popped up correctly in Tax Planner.

  • jdschachte
    jdschachte Member ✭✭
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    So the only fix is as UKR and NotACPA suggest. Manipulate the dates of transactions in January to December of the prior year; And for final TAX payments made in April, create a new category called "Fed; prior year taxes" with no tax association called for.

    This is disappointing, another Quicken bug…

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    NOT a bug. Proper accounting. If you put your taxes due for 2023 (paid in 2024) and the 1040-ES, (for your 2024 return, filed in 2025) into the same category you're causing your own problem.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • jdschachte
    jdschachte Member ✭✭
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    Hmm. IDK. It shows up properly in my "Tax schedule Report" but incorrectly in the Planning: tax center… Why? Proper reporting? I want a report to show my total taxes paid for 2023; including the final est tax payment in January of 2024, AND my final tax payment reported on April 15, 2024. If I rename the final tax payment, prior year and do not associate with taxes, where do you think it will show up? It won't show up in any tax summary report, and it will not show up in any tax planning center…

  • markus1957
    markus1957 SuperUser, Windows Beta Beta
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    FWIW, if you run the stock Tax Summary report from the Reports menu and select year 2023 you will get the summary by tax year.

    I also see the issue you describe in the Planning tab, Tax Related Expenses YTD. The view seems to be filtered by calendar year as opposed to tax year. I'm more inclined to call it a bug because it is a summary on a Tax Year planning screen and the user should expect it to adhere to the tax year. Also the report spawned by clicking the box at the bottom of the view is a tax year report. I never really noticed it before as I focus on the Tax Planner itself. Good catch, it should be fixed.