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Federal Estimated Tax for QMac Tax reports

jon857

Looking for guidance on how to configure Quicken (QMac version 8.0.1) to track Federal & State Estimated Tax payments for inclusion in the Tax Schedule report. I have the Expense Category Taxes/Federal which is associated with Tax Form W-2 with 47 Uses & one sub-category for Social Security, same Tax Form. Do I need to create a Category "Form 1040 > Federal estimated tax, qrtrly" & associate this with Tax Form 1040?

In a now closed Q&A "What Taxable Events Occurred doesn't include Estimated Tax payments" from June 2022 it is suggested that this Category already exists but I can't find it for Federal or State.

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Accepted answers

MontanaKarl

You can create/call the category whatever you want - the actual category isn't what matters… it is the Tax info set up for the category that matters. You have to have:

Tax-related "on"
Tax Schedule "1040"
Tax Line "Federal estimated tax, qtrly"

as in the attached screenshot where I use the subcategory Taxes:Federal:Estimates

All comments

MontanaKarl

You can create/call the category whatever you want - the actual category isn't what matters… it is the Tax info set up for the category that matters. You have to have:

Tax-related "on"
Tax Schedule "1040"
Tax Line "Federal estimated tax, qtrly"

as in the attached screenshot where I use the subcategory Taxes:Federal:Estimates

Jon

The default categories Quicken makes for income taxes are all associated with W-2 withholdings:

Screenshot 2025-02-21 at 10.00.16 AM.png

I don't see any default category outside the Taxes group that's associated with income tax payments. If you want a category associated with quarterly estimated tax payments then you'll need to make one yourself.

Jon

Also, there doesn't appear to be a similar category for state estimated tax payments, the only state income tax category seems to be the W-2 one.

jon857

Thanks MontanaKarl & Jon- This sub-category is simple enough to create & nice to know that it will be summarized in the Tax Report Form 1040. Much improved better practice over lumping these transactions under the same Federal Tax expenses heading for all tax payments. Confused by the previous post which seemed to indicate that this was a pre-existing Category so all is good now. Actually, I never knew that this association was available to categorize these transactions until running across this prior discussion I referenced earlier today.