How do I get the tax planner to calculate SE taxes on Partnership Income (Guaranteed Pmts)?

Question

I receive income from a partnership that is a guaranteed payment that should be taxed for self-employment taxes; however, when I went into the tax planner, it is only consider my income tax and doesn't add in the SE portion (nor does it back out the 1/2 SE tax deduction).  Is there a fix for this?

Quicken Kristina · Answer

Thank you for your reply,

Due to the nature of the issue, I recommend that you contact Quicken Support directly for further assistance, since they have access to tools that we can't access on the Community and they can escalate the issue as needed.  The Quicken Support phone number can be found through this link here. Phone support is available from 5:00 am PT to 5:00 pm PT, Monday through Friday.

I apologize that I could not be of more assistance!

jwramsey · Answer

Yes.  Partnership Income, Schedule K-1, Guaranteed Payments to Partners (not ordinary income), just like it is reported in my taxes.

Quicken Kristina · Answer

Hello @jwramsey,

Thank you for letting us know you're seeing this issue.  To troubleshoot, the first thing I recommend checking is the categories assigned to those transactions.  Are they reflecting the proper tax line item?

I look forward to your response!