Tax summary report includes non-requested dates

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mkentburel
mkentburel Member ✭✭
in Reports (Windows)
I have a tax summary report for 2020. I have an IRA account that has one transaction per month. The tax summary report includes the 12 transactions for 2020 plus the 2 transactions for 2021. I didn't ask for 2021 transactions in the report. These transactions are part of the Transfers heading at the bottom of the report. How do I get the tax summary report to include only 2020 transactions?

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  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited February 2021 Answer ✓
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    Hi @mkentburel

    I assume that when you speak about "IRA transactions" you are referring to contributions that you are making to the IRA. 

    The federal tax code permits an IRA participant to make deductible contributions to the IRA plan up until the deadline for filing their federal tax return (i.e. typically April 15th of the following tax year).  That is the reason why you are seeing those 2021 contributions appearing on the report along with the 2020 contributions. 

    The Quicken report is designed to provide you with the data to use in preparing your tax return, but there are many areas where you, or your tax preparer will need to make decisions on whether amounts appearing on a Quicken tax report are either reportable income or deductible amounts on your tax return.  As a potential workaround for that report, you may be able to adjust the date range, if you are bothered by that additional information and you don't plan to take a deduction for those payments.

    Let me know if you have any followups.  (BTW I am not providing professional services by making these comments and you need to discuss all matters discussed with your tax professional and make your own decisions as to treatment on any tax return)

    Frankx

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  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Answer ✓
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    Hi again @mkentburel

    In that case, have you tried producing a "Tax Schedule" report for 2020?  Go to "Reports" > "Tax" > "Tax Schedule" and then in the drop-down menu at the top on the right - select "2020".

    Let me know if that works for you.

    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.  -

Answers

  • Jim_Harman
    Jim_Harman SuperUser ✭✭✭✭✭
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    Check the 2021 transactions. Assuming these are contributions, they will have a Tax year box which you should set to 2021 if you do not want them included in your 2020 tax report.
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  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    edited February 2021 Answer ✓
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    Hi @mkentburel

    I assume that when you speak about "IRA transactions" you are referring to contributions that you are making to the IRA. 

    The federal tax code permits an IRA participant to make deductible contributions to the IRA plan up until the deadline for filing their federal tax return (i.e. typically April 15th of the following tax year).  That is the reason why you are seeing those 2021 contributions appearing on the report along with the 2020 contributions. 

    The Quicken report is designed to provide you with the data to use in preparing your tax return, but there are many areas where you, or your tax preparer will need to make decisions on whether amounts appearing on a Quicken tax report are either reportable income or deductible amounts on your tax return.  As a potential workaround for that report, you may be able to adjust the date range, if you are bothered by that additional information and you don't plan to take a deduction for those payments.

    Let me know if you have any followups.  (BTW I am not providing professional services by making these comments and you need to discuss all matters discussed with your tax professional and make your own decisions as to treatment on any tax return)

    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.  -

  • mkentburel
    mkentburel Member ✭✭
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    Thank you for your answer. This doesn't quite hit the mark. The account I'm working with is a distribution from an annuity. On my 1099 for this account the IRA/SEP/Simple box is checked. I receive a monthly income from this account. So I need the tax summary to show the 12 monthly transactions from last year and nothing for 2021. I have the account in QW set as an IRA account. What can I set so I don't see the transactions for 2021?
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Answer ✓
    Options
    Hi again @mkentburel

    In that case, have you tried producing a "Tax Schedule" report for 2020?  Go to "Reports" > "Tax" > "Tax Schedule" and then in the drop-down menu at the top on the right - select "2020".

    Let me know if that works for you.

    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.  -

  • mkentburel
    mkentburel Member ✭✭
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    This worked much better. Thank you.
  • Frankx
    Frankx SuperUser ✭✭✭✭✭
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    @mkentburel,

    I agree - big difference between income and expense  ;)

    Take care!

    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.  -

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