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Correcting tax-year prompt answer

Gerry Blue

We had to file an extension for our 2023 taxes and the instruction I received from the CPA was to pay a specific amount as an estimate of the 2023 taxes still due. When I entered the transaction in Quicken, it asked me if this is a payment of 2023 taxes. I said "Yes". Come to find out, some of it was payment for 2023 taxes due and some was for an estimate of portion of 2024 estimated taxes. I tried splitting the payment into half 2023 taxes and half 2024 estimated taxes. I don't know the exact amounts yet as the return is not finalized. After recording the split transaction, both halves appear on the 2024 tax summary report. Should they be split to the appropriate years? If so, how do I make that happen? I can't seem to get Quicken to prompt me for the tax year again.

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Accepted answers

satish1972

I had the same issue

I deleted the txn and re-entered it

And classified to 2024

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volvogirl

Why or how was part of it towards 2024 estimated taxes? You made a payment with an extension to file 2023 (not an estimated payment). Then any payment for 2024 estimates would have to be a separate payment. You can't combine them.

Gerry Blue

My guess is that the final return will show an overpayment to be applied to 2024 estimates.

volvogirl

Right, that's what I think too. But that doesn't change your extension payment. You still paid that full amount towards 2023.

Gerry Blue

Okay. That still leaves me with a question about the tax year prompt. What if I had accidentally answered that question wrong? Is there a way to get Quicken to ask me that question again?

NotACPA

For my 2023 tax owed, paid in 2024, I use a category called "Prior Year Taxes" to keep them separate from the taxed due with my 20-25 return.

I'd think that you'd be able to split that payment that you made and use a "Prior yr" category also.

satish1972

I had the same issue

I deleted the txn and re-entered it

And classified to 2024