How do I enter Social security Disability payments?

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jlssls
jlssls Windows Beta Beta
in Budgeting and Planning Tools (Windows)
How do I enter my SSDI payments so it shows as income and placed on the right line in my tax planning tool under budget
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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
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    SSDI is reported to you on Form SSA-1099 and is potentially taxable, depending on your other income, just like the regular Social Security benefit.
    I'd suggest creating a separate income Category titled "SSDI Benefit" or something similar,  For tax purposes you can use Form 1040:Social Security inc., (spouse or self).
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited January 2021
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    HI @jlssls,

    Unfortunately, Quicken doesn't have a "standard category" for Social Security income.  Here are two message threads that should help you set up a category that will get the data to the correct "tax line" and into the tax planning tool - LINK-1  LINK -2

    Let us know if you have any followups.

    Frankx

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  • jlssls
    jlssls Windows Beta Beta
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    Tom Young,
    Thank you for your help, I truly appreciate it. Now the other question that I have for you. My budget and reports for my paycheck are showing my net pay, as my gross pay is that correct? I have a part time job.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
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    Hi @jlssls,

    It is correct that your budget and related reports would show your "net pay" rather than your gross pay.  The reason for that is, your net pay is actually what you'll have available to spend, since the gross pay has been reduced by the required tax deductions (and other potential deductions).

    Frankx

                            Quicken Home, Business & Rental Property - Windows 10-Home Version

                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

  • jlssls
    jlssls Windows Beta Beta
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    Frankx, the "net pay" in the budget is showing the gross pay, and not the net pay. My gross is $52.80, and that is what the budget is showing. My net is $48.78
    How do I fix it?

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    jlssls said:
    Frankx, the "net pay" in the budget is showing the gross pay, and not the net pay. My gross is $52.80, and that is what the budget is showing. My net is $48.78
    How do I fix it?


    Are the deductions, that reduce Gross to Net, also showing?  If so, it's working as expected, since your deductions are also part of your budget (or, should be).

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

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