what is the best Tax Reporting category for my monthly pension income

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Quicken Windows Subscription Member ✭✭✭
edited March 2022 in Budgeting and Planning Tools (Windows)
I receive a monthly pension payment from a former employer. What is the best category to assign this to for tax planner purposes?
B) Danny
QW Subscription, R38.30, Windows 10 Home
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Best Answers

  • Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    "Form 1099R: Total pension gross distrib." for the gross amount.  If there are any taxes withheld use the other available "Form 1099R;" lines for those.
  • Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    The "special treatment" is that it's non-taxable.  Ergo, don't connect it to any tax form in Quicken, it's just a Category of income that isn't taxable.

Answers

  • Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    "Form 1099R: Total pension gross distrib." for the gross amount.  If there are any taxes withheld use the other available "Form 1099R;" lines for those.
  • Quicken Windows Subscription Member ✭✭✭
    Thanks Tom. No taxes are withheld. This payment receives special treatment when reported on my tax return as "housing allowance". I doubt QW's tax planner can handle that since it doesn't seem to allow for breaking out the taxable portion of Social Security income.
    B) Danny
    QW Subscription, R38.30, Windows 10 Home
  • Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    The "special treatment" is that it's non-taxable.  Ergo, don't connect it to any tax form in Quicken, it's just a Category of income that isn't taxable.
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