How to record an estimated tax payment in Quicken Premier for Windows?
Best Answer
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If there is not a category or sub category for it you can add one under Tax Category. It should not go to the same category as withholding from W2 or 1099 income. Then assign it to the right tax line, see my screen shot
I'm staying on Quicken 2013 Premier for Windows.
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Answers
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When I had to make Est Tax Payments, I used the same category that I used for Fed tax w/h from my paycheck.For taxes paid in the 1st quarter, that were actually for the prior year, I had a category named "Prior Year Tax".
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If there is not a category or sub category for it you can add one under Tax Category. It should not go to the same category as withholding from W2 or 1099 income. Then assign it to the right tax line, see my screen shot
I'm staying on Quicken 2013 Premier for Windows.
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In addition to setting up a desired category with the proper tax line assignment, you might also to go with a scheduled Bill reminder with the "Due On" selection set for the quarterly payment schedule (Change option). I believe then Quicken will attempt to properly track that your January 15, 2022 payment relates to your 2021 taxes,1
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And for record if you set it up as @volvogirl and @q_lurker suggests you will find that the tax report knows to pull in the next year's payment like this:
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How would record the monthly expense of the quarterly payment? Say your quarterly payment is $600, how could you record the accrued expense of $200 per month?
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In Quicken - you can create a Manual Reminder with the special tax due dates -
scroll and select the —> Pay Estimate Taxes -
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This sounds more like a budget question, and also not even about taxes which is what this thread is about.
The reason I said that it might not be about taxes is because even though the government calls these "quarterly" in reality it is the most mixed up "quarterly" you can imagine. 1/15 (which is for the prior year), 4/15, 6/15, 9/15. There isn't going to be a perfect monthly amount that works for this because they aren't evenly spaced.
If you actually have a real quarterly expense, then you would be using Quarterly from the reminder selection that @Ps56k2 pointed out.
But if you want to budget for it, then you would put in a monthly budget of 1/3 of that and use a rollover.
To budget for taxes monthly you would have to both use the rollover and also set different budget amounts for the different months. For instance, between 4/15 and 6/15 the monthly amount would have to be larger than 6/15 to 9/15.
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