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Prior Year (2024) contribution to my IRA made in 2025 is reducing 2025 taxable income YTD

dougbr213

When I was asked by Quicken upon entering the transaction, I specified that the contribution was for 2024. It was handled correctly by Quicken in the Tax Planner widget on the Home>Taxable Income YTD tab, but the Taxable Income YTD widget on the Home>Taxable Income YTD tab shows it as a reduction in income for 2025. Help please. Thanks in advance.

I am running Windows Home 10.0.19045 Build 10

I am running Quicken Business and Personal Version R61.21 Build 27.1.61.21

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Comments

Quicken Jasmine

Hello @dougbr213,

Thank you for reaching out to the Community with this issue.

To help us better understand what’s happening with the prior year IRA contribution affecting your 2025 taxable income, could you clarify how the transaction is categorized within Quicken? Is it assigned to a tax-related category that specifically links to IRA contributions, and if so, which tax line item is associated with it? Additionally, when you view the actual transaction in your register, is the correct contribution year (2024) clearly indicated in the memo or notes, and does the date of the transaction reflect when you made the contribution in 2025? Have you noticed if this issue only occurs in the Taxable Income YTD widget, or is the incorrect reduction appearing in any reports like the Tax Schedule or Tax Summary reports as well? Lastly, do you currently have any tax planning settings customized in the Tax Planner that may be pulling in projected contributions or repeating entries, which could also be affecting the totals?

Any added details you can share will really help us pinpoint what might be causing this misalignment and figure out the best way to correct it.

Jim_Harman

I am seeing a similar or perhaps the same problem in both R60.20 and R61.21.

I entered an IRA contribution as a transfer from a checking account to an IRA. The Tax Schedule for transfers to the IRA is set to "Form 1040:IRA Contribution, self". When prompted, I selected 2024 as the tax year for the contribution.

When I select the transaction in the IRA, it shows 2024 in the second line, below the Action of ContribX.

The transaction is handled correctly in the IRA contribution, Self section of the Tax Schedule Report when I set the year to 2024.

If I go to Planning > Tax Center, the contribution shows as a negative number in the Taxable Income YTD section. This is incorrect, it should affect 2024 income. It is also incorrectly included on the Adjustments to income line of the Projected Tax section. There is no setting to change the year for either of those sections.

If I go to the Tax Planner and set the year to 2025 and click on Adjustments, the contribution is also shown incorrectly on the Allowable IRA deduction line. Strangely, the amount of the deduction is included in the Actual YTD amount at the bottom, but the transaction is not shown.

If I set the Tax Planner year to 2024, the contribution should be shown but is not.

This looks like the same issue that was reported last year, CTP-9823

https://community.quicken.com/discussion/comment/20430881#Comment_20430881

Quicken Jasmine

https://community.quicken.com/discussion/comment/20479327#Comment_20479327

Thanks for sharing that, let me look into this issue a bit further then.