Quicken Classic Premier R60.20 Social Security Income

markg321
markg321 Quicken Windows Subscription Member

I currently receive my Social Security income into my account which happens to be an investment account. How do I add this income as an action or category so it shows up in the income and expense report?

Thanks.

Best Answer

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓

    That depends upon how you're actually recording the receipt of the SSI.

    What Investment action are you using?
    In the account, are you using the "Show cash in a checking account" feature?
    Is the account selected for inclusion in the I&E report?

    Because my primary checking account is a MMF at Fidelity Investments … and I have no problem showing SSI as income.

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

Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓

    That depends upon how you're actually recording the receipt of the SSI.

    What Investment action are you using?
    In the account, are you using the "Show cash in a checking account" feature?
    Is the account selected for inclusion in the I&E report?

    Because my primary checking account is a MMF at Fidelity Investments … and I have no problem showing SSI as income.

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

  • Jim_Harman
    Jim_Harman Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited January 31

    Quicken does not have a built-in Category for Social Security income. You should go to Tools > Category List and click on New Category to create a new Income Category (or 2 if your spouse also receives Social Security) with the appropriate tax line items. Mine look like this

    Then create a split Deposit in your investment account for the gross amount using the new Category and any deductions for taxes and Medicare entered as negative numbers. The resulting amount should be the amount deposited.

    You can set up a monthly Reminder for this deposit. Social Security deposits are on a particular Wednesday each month. You can set yours up to look like this

    With these settings, your SS income should flow correctly to Quicken's Tax Planner, Lifetime Planner, and Tax reports.

    Depending on your income, a variable percentage of up to 85% of your SS income will be subject to Federal tax. Quicken does not compute this percentage. To avoid the Tax Planner overestimating the taxes due on your SS income, you will need to compute the percentage of your annual SS income that is NOT taxed and enter that as a negative adjustment in the Social Security detail section of the Tax Planner to compensate for this.

    If you think the Tax Planner should be improved to make it easier to enter your taxable SS income, please review, comment, and vote on this Idea post

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