nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

BUG: Estimated taxes now wrongly attributed in Tax Schedule Reports

Brent

I am using an up to date Windows version of Quicken Home, Business & Rental Property (R59.10).

Suppose I do Reports --> Tax --> Tax Schedule.

In the generated report, in its W-2 section, I am now finding that Quicken is putting my estimated tax payments there, and it is associating them with one of my employers.

In the screenshot that I am uploading, notice:

1] there is a section labeled "Salary or wages, self [Sequoia One Peo,]" for one of my 2024 employers

There is nothing wrong here, everything is correct.

2] the next section is labeled "Federal tax withheld, self [Sequoia One Peo,]" and it contains the 2 estimated tax payments that I made for 2023-Q4 (on 2024-01-16 and 2024-04-09)
THIS IS THE PROBLEM.

Issues:

a] Why does Quicken think that my estimated tax payments are "Federal tax withheld"?

b] why does Quicken think that my estimated tax payments are in any way associated with that employer (Sequoia One Peo)?

I looked at previous years taxes.

In 2022, I had 1 estimated tax payment; it does not seem to show up in the Tax Schedule at all...

In 2019, I had 9 estimated tax payments.

All 9 of them appear in the W-2 section, so issue a) was present as far back as 2019.

BUT all 9 of them are at least correctly named like
Federal tax withheld, self [Irs Usataxpymt]
State tax withheld, self [Nys Dtf Pit Tax Paymnt]
So, issue b) was not present in 2019. Issue b) appears to be a BUG introduced by Quicken more recently.

I would love to hear everyone else's feedback.

Find more posts tagged with

Comments

volvogirl

What category is on the estimated payments? Go to the Category list and Edit that category and check the tax line assignment. To check the tax line assignment open the Category list by either clicking on the Category Icon or go to Tools-Category List or Ctrl+Shift+C. Then select the category and right click on it to Edit it. Click on the Tax Reporting Tab and check the box for Tax related and look for the right tax line.

And why is the second one dated 4/9/24? That can’t be for a 2023 4th qtr payment. That must be your 2023 tax due? That should have a different memo or category.

Jim_Harman

My estimated tax payments are recorded correctly in the Tax Schedule report, both for this year and last. It appears that you used the Tax:Fed Category for your payments.

I have set up a special Category for these payments, using the Tax line item Form 1040:Federal estimated tax, qrtrly. Here is an excerpt from my Category List.

The Tax schedule report looks like this: (I have hidden the Account column)

Brent

Jim and volvogirl: yes, indeed, I use Fed:Tax as the Category for my Federal estimated taxes.

I have always used this as the Category for my estimated taxes. This time (my 2023 tax return) is the first time that I have seen Quicken do the behavior that I described above. It is a new bug. And it is a bug: there is no way that Quicken should assume that these taxes paid should be associated with that employer.

Jim: interesting suggestion to create a user defined Category with the precise Tax line item. After Oct 15, I will try to find time to come back and do this.

I should not have to do this: estimated taxes are such a common thing, Quicken should have this builtin…

volvogirl: the second one dated 4/9/24 is a late payment for 2023-Q4, yes.