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Why is dividend income showing up in investment income reports as 'tax free'

Michael 49Michael 49 Member ✭✭
Quicken for Windows 10 (Canada)
Year: 2020 Version: R28.15 Build: 27.1.28.15 Edition: Canada
Browser: Firefox version 84.0.1 (64-bit)
Windows 10 Home Version:10.0.19041.488

Recurring quarterly dividend set up for $281.25 and gets recorded in transaction register correctly as 'divinc' but in income reports as 'tax free'? How do I correct this?

Best Answers

  • NotACPANotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    Can you show us the Security Details for this security?  Here's an example from one of my securities, and where "Tax-Free" may have been inadvertently set-up.

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Michael 49Michael 49 Member ✭✭
    Accepted Answer
    Bingo!!! That's what was causing the problem. When the security was set up years ago, I must have inadvertently set it to tax free. Thank you for solving this!

Answers

  • FrankxFrankx SuperUser ✭✭✭✭✭
    Hi @Michael 49

    There seems to be some anomaly in the way your application is handling this dividend.  I think it may be related to the Canadian vs. US version.  Is it possible that the Canadian version does not handle dividends from a US entity properly?  Id this new behavior that you are seeing (i.e. - have you received these dividends before and has Q- Canada handled them correctly?


    Frankx


    Quicken H&B-Subscription - Ver. R29.20 - Build 27.1.29.20  - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
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  • Michael 49Michael 49 Member ✭✭
    Hi Frankx,

    I can't say for sure if it's a recent problem or not. I just noticed now for that security only (no issues with other stocks) but I've suddenly got bigger problems to deal with. I lost access to my 'hidden' file where I have my Quicken data and password manager file. I'll be working on restoring from a backup and catching up.
  • Michael 49Michael 49 Member ✭✭
    This has been a reporting problem since 2018. In the transaction register, it shows up as 'Div' but in the investment income report as '_DivincTaxFree', When you click on the item and change the category to 'Dividend Inc' a new line item shows up in in the investment income report and the transaction register now shows 'Deposit'
  • NotACPANotACPA SuperUser, Windows Beta Beta
    Is this security held in some sort of tax-free (or tax-deferred) account?  Such as an IRA or  401k in the US? (I don't know the Cdn counterparts).
    IF so, that would override the _DivInc.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Michael 49Michael 49 Member ✭✭
    No it's not, it's set as 'tax deferred no'. . If it was, all the other security dividends would have defaulted to tax-free as well.
  • NotACPANotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    Can you show us the Security Details for this security?  Here's an example from one of my securities, and where "Tax-Free" may have been inadvertently set-up.

    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Michael 49Michael 49 Member ✭✭
    Accepted Answer
    Bingo!!! That's what was causing the problem. When the security was set up years ago, I must have inadvertently set it to tax free. Thank you for solving this!
This discussion has been closed.