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Interest not associated with an account

TomS

I have started to receive an annual check from an insurance company that is categorized as interest. I do not keep a Quicken account for this company; indeed what kind of account would it even be? The trouble is that this interest payment does not show up in the tax planner or the tax summary report. What is the best way to handle this?

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Accepted answers

volvogirl

You just deposit the check and categorize it to interest income or whatever category you use for bank interest etc. You don't need an account set up for that company.

All comments

q_lurker

What category are you using when you deposit the check in your bank account?

I have an income category Interest:Bank that I use for such interest on my bank balance. That shows up in the tax planner. As long as the category you use has the tax reporting selection as Schedule B:Interest Income, it ought to appear there.

volvogirl

You just deposit the check and categorize it to interest income or whatever category you use for bank interest etc. You don't need an account set up for that company.

NotACPA

If you use the _IntInc category when you deposit that check, Q will properly report it.

If you created your own category, did you associate it with the proper tax line? TOOLS, Category List, click the very faint clock icon to the far right of the category you created, click EDIT and then Tax Reporting to select the correct tax line.

UKR

Does the insurance company send you a Federal 1099-INT form?
If they do, the amount has been reported to the IRS and must be reported in your Federal 1040 tax return. Use the insurance company's name as Payee Name and categorize the transaction to _IntInc or use or create any other income tax category which is flagged as tax-related item and assigned to Tax Line Item Schedule B: Interest Income

If they don't send a 1099, simply categorize the transaction as Misc. Income (not taxable).

TomS

Thank you. That is what I did but I did make a mistake. I had the wrong category and did the tax planner. I corrected the category to interest, but I think the tax planner did not refresh until I exited Quicken and came back in.