Tax Planner does not show taxes to be withheld on Social Security Income

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I am running Quicken Deluxe R57.16 on a Windows 10 PC. I have validated and super validated my file to solve the problem described below, but that did not help.

I am trying to create a recurring income reminder for my upcoming Social Security payments and to track the federal taxes to be withheld. The problem is that the Tax Planner does not show the scheduled federal withholding transactions even though it shows the scheduled income transactions.

First I created a category for withholding federal tax from Social Security as a subcategory of Tax and gave it a tax line assignment of Form 1040, Fed w/h Soc Sec, self.

I then used that category in the income reminder (see below).

However, the amounts scheduled to be withheld for income tax do not show up in the Tax Planner, although the income does.

If I change the tax line assignment to W2: Federal tax withheld, self, then the Tax Planner works fine and shows the upcoming scheduled tax payments. However, using the W2 tax line assignment is wrong since a W2 is for wages and not Social Security income which is reported on a 1099.

I also tried to assign the federal withholding to 1099-R: Pension federal tax withheld and that did not show up in the Tax Planner either.

Any suggestions as to how to get the Tax Planner to allow me to correctly assign federal taxes on Social Security income to the correct tax line (i.e. Form 1040 tax w/h, Soc. Sec., self) would be appreciated.

Comments

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
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    I use "W2: Federal tax withheld, self" right or wrong, that is where Quicken expects to be, and what makes it work right.

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  • markus1957
    markus1957 SuperUser, Windows Beta Beta
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    Just tested this in R57.16 and found that both an actual transaction and a scheduled reminder with categories associated with the tax lines shown above display in Tax Planner as expected. The Soc. Sec. income reports in Other Income>Taxable Social Security Benefits and the amount withheld reports to Withholding>Other Withholding.

    This is as designed in Quicken as evidenced by the Tax Lines shown in Details sections of Tax Planner, "View tax form lines used here"

  • AllanDB
    AllanDB Member ✭✭
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    Markus1957,

    When you you refer to "categories associated with the tax lines above" were you referring to the W2 tax lines or the Form 1040 tax line. I can get the W2 tax lines to work, but not the Form 1040 lines, which would be the correct ones to use.

    Thank you.

  • jeeper
    jeeper Member ✭✭✭
    edited July 1
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    just following along….

    Wondering - what do you use as a Category for any TAX DUE situations in the following year with your 1040 filing ?
    After reading this thread - happen to notice in my Tax Planner that my Feb 2024 Tax Due payment with 1040 was using the W2 Category -
    I have setup and use the Estimated Tax ES-1040 Category and that works for the qtr payments ….
    So - which Category should be used for the final Tax Due payment with the 1040 - for the PREVIOUS year - ?
    [EDIT] - just changed my 1040 payment transaction in Feb 2024 -
    used TAX:OTHER so it would show up on Spending- Expenses - but not mess up any other TAX reporting in Tax Planner.

    BTW - for the Category List entries mentioned above - here is our list created around the TAX entry -

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    @AllanDB Actually, for taxes w/h from your SocSec, you should be using the Form 1099-R line, NOT a W-2 line.

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

  • jeeper
    jeeper Member ✭✭✭
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    here is the extended Tax Reporting list - for the 1099-R…

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
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    I want to correct something I said, not that it really matters that much. After I posted my comment, I noticed I was talking about the wrong thing. My "Social Security tax" was for a paycheck, and actually just my wife's, so the W-2 entry is right for that, but not for your use case. We don't have taxes taken out of our social security checks. I pay this with estimated taxes especially since I still do some consulting and need to pay them anyways.

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  • markus1957
    markus1957 SuperUser, Windows Beta Beta
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    I was referring to the tax line you showed in your original post. It displays in the Other Withholding section of the planner.