What would cause Quicken to not populate savings account interest into the Tax Planner.

Redeye

I have one account (Capital One) which shows interest income in the register. The account is not set for tax deferred. But it will not show up in the Tax Planner. However, other accounts do successfully populate the Interest Income section of the Tax Planner. I've tried manually entering interest payments into this account. I've also tried "Super Validation". None of this has worked.

Redeye

I've found a work-around. If I characterize all the interest income transactions as "Int. Inc. Taxed only by the fed, then they show up in the Tax Planner. If I change these back to the plain Sch B: Interest Income, then they disappear.

I live in a state with no income taxes, so this will work for me. But it is definitely a bug in the software.

Jim_Harman

What Category are you using to record the interest in that account?

If go to Tools > Category list and find that Category, what is its Tax Line Item? It should be ScheduleB:interest income. If not, right click on the Category and select Edit. On the Tax Reporting tab, select that.

Redeye

It shows ScheduleB:Interest Income. That seems to have no effect.

Jim_Harman

Do the interest payments appear on the Tax > Tax Schedule report?

Redeye

No, it does not appear there either. I have two Capital One accounts and both are missing. Most of the transactions are downloaded from Capital One. A couple are done manually. None of them show up in the tax related areas. But both are in their respective registers.

This is the first time I've used the Tax Planner. So I'm double checking all of the numbers. So far, Capital One has been the only real problem. I've even deleted both accounts and reloaded. They correctly do the math in the account registers and all of my account balance / net worth reports are working. It just won't show up in the Tax Planner.

Redeye

I've found a work-around. If I characterize all the interest income transactions as "Int. Inc. Taxed only by the fed, then they show up in the Tax Planner. If I change these back to the plain Sch B: Interest Income, then they disappear.

I live in a state with no income taxes, so this will work for me. But it is definitely a bug in the software.

Jim_Harman

Note that there is a difference between the Category name and the Tax Line Item that is assigned to it.

If you have a Category called "Int. Inc. Taxed only by the Fed" that is not a standard Quicken Category, it is something you created yourself and apparently that has the correct Tax Line Item. If you have a Category called "Sch B: Interest Income" as mentioned above, that is also not a standard category and probably does not have the correct Tax Line Item.

The built-in Category for bank interest is Interest Inc and its entry in the Category list should look like this

If you use that Category or any other that uses the "Schedule B:Interest income" Tax Line Item, the interest should appear in the Tax Planner and Tax reports.

Redeye

When you go into the account register and edit (more actions), you get a menu of items. One of the selections is Tax Line Assignments. Select this and it will popup a box titled "Tax Line Assignments". And this allows you to select from a pre-populated list of assignments. Looking at that list, you will see an entry called "Scb B: int. inc., taxed only by fed". This is the selection I made for each interest income entry in the Capital One register. And after I did that, it began to show up in the Tax Planner.

As a test, I moved one of the interest income entries back to "Sch B:Interest Income" and it disappeared from the Tax Planner.

Not exactly what I expected, but I've gotten the Tax Planner to give me the correct information. As far as I'm concerned it is up to Quicken to get this sorted out because I've spent enough time troubleshooting their code.

Jim_Harman

OK, thanks for clarifying. I don't see exactly how you are getting to "edit (more actions)"

But if I right click on a transaction or select a transaction and go to Edit > Transaction, one of the options is Tax Line Item assignments. This gives you the opportunity to over-ride the Category's default line item assignment. The default assignment is set in the Category list.

So if the Category you have chosen for the interest income has some other default tax line item assignment or none at all, it will use that line item unless you change it by editing the transaction. Usually it is much easier and less confusing to just set the default correctly.

You can see what tax line items each entry in the Tax Planner uses and what Categories default to those line items by selecting the entry line in the Tax planner and clicking on the "View tax form line items used here" link just above the detail area.

For me, the entry for Interest Income looks like this:

So in my setup, which I think is Quicken's default, the Interest Inc Category uses the Schedule B:Interest income line item, and thus transactions that use that Category for interest are picked up correctly by the Tax Planner.

Please let us know if you see the same.