What to select for Prev Year tax form?
Tax Planner takes Prev Year State taxes as Estimated taxes for this Year.
How to correct this that all taxes are paid this year, but for prev year, to be applied for prev year only? And no prev year taxes to be used for current year
Comments
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If saving the transaction didn't prompt you for "Tax Year", the usual workaround is to post the transaction with a previous year's 12/31/xxxx date and add a Memo text to explain (e.g., "paid 9/20/23 for tax year xxxx").
Tax Reports and Budget views will show the transaction in the proper year (based on transaction date).
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is there appropriate Tax form that can be applied to this Prev Year Category?
Best Regards0 -
Probably not.
If you want to, you can create a category, e.g., "Fed Inc Tax, prior year" and associate it with the regular W2 tax line item. Ditto for State Tax and Schedule A.
In reports, this will make the item stand out as a separate group.
But, when it comes time to transfer your data to tax software, you will still have to remember to input these numbers into the correct tax return forms.1 -
this should work for Tax Planner IMHO
But, my account balance for such past date will be negative, while over period of time it will get to positive value
Any better option by Quicken to address this?
BTW - I have 2 payments:
- around Jan 15 as 4th Estimate (1040es, 540es)
- around Apr 15 as file extension for prev year payments, also Fed and several States
I need to plan for those payments via Bills Pay to make sure I have required funds, also to accommodate those for Tax planner for prev year to calculate those payments
as result with proposed Bills and Projected Balances will not work IMHO
thanks
Best Regards0
