Tax Planner - why isn't deduction for exemptions included

The Tax Cuts and Jobs Act of 2017 eliminated the personal exemptions deduction through 2025. So, $0 is correct until the 2026 tax year….unless it gets extended or made permanent as POTUS and many in Congress have been pushing for.

Getting Tax Planner into the ballpark of being "accurate" can be a challenge if the categories used for income and deductible expenses are incorrect (i.e., do not have the appropriate tax line items associated with them).

One of the more common mistakes made by people taking IRA/401K withdrawals is to enter the distribution transactions in their IRA/401K account instead of in the account that those distributions are paid into. This is not so much of an issue if there is no income tax withheld but if there is income tax withheld by the investment company then it will not be included in the deferred taxable income that is captured by Tax Planner and the Tax Reports. And the withheld tax will not capture, as well. There is a Product Idea posted about this issue and what process should be used (until Quicken implements the planned improvements) to ensure that Tax Planner and Tax Schedule properly captures the distributions and withheld income tax: Improve handling of IRA distributions, including QCDs and Roth conversions.

Since Quicken is not a tax software it does not include line item tax forms for many different things My guess is that Quicken accounts for only 70%-80% of the more common ones so that it is applicable to the majority of users. (Quite frankly, I think the Child Tax Credit is a pretty common credit and should be accounted for.)

Anyway, even though Tax Planner cannot pull transaction data for some tax-related transactions into Tax Planner, Tax Planner does allow for user-entry of data. Here is a link to a thread where a couple of users say how they get the Child Tax Credit accounted for in their Tax Planners: