Social security income

Richard Starrett
Richard Starrett Member ✭✭✭
in Errors and Troubleshooting (Windows)

I would like to recategorize SS payments I have received to show the amount paid for Medicare parts B and D. In the past I had simply given them the category "social security". Is there a way to find and replace the category of multiple transactions with a split category?

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Best Answers

  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓

    If you've simply been recording the net SS payment as going into a Social Security Category, you need to GROSS UP the amount of Social Security you're receiving - prior to the deductions - create a split entry, and then enter that gross amount as the 1st line of the split, with deductions for the Medicare part B and the Medicare part D as additional line items going into their own Categories, to come back to the net deposit the the checking Account.

    Off hand I can't think of any purely automatic method of doing that in Quicken.

    I guess what I might explore here to go back in time to correct things would be take the January deposit, split it correctly, and then copy and paste that transaction in place of all the other SS deposits for the year. You'd have to be careful here to not mess things up. I'd go year-by-year making a backup after the December correction each year.

  • volvogirl
    volvogirl Quicken Windows Other SuperUser ✭✭✭✭✭
    Answer ✓

    I would just go back to Jan 2025. That's all you really need to split out for taxes this year. So that would be only 12 payments to fix. And only if you think you will have enough medical to itemize on your tax return instead of taking the Standard Deduction. Do you also have any federal withholding deducted from your SS?

    I'm staying on Quicken 2013 Premier for Windows.

Answers

  • Tom Young
    Tom Young Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓

    If you've simply been recording the net SS payment as going into a Social Security Category, you need to GROSS UP the amount of Social Security you're receiving - prior to the deductions - create a split entry, and then enter that gross amount as the 1st line of the split, with deductions for the Medicare part B and the Medicare part D as additional line items going into their own Categories, to come back to the net deposit the the checking Account.

    Off hand I can't think of any purely automatic method of doing that in Quicken.

    I guess what I might explore here to go back in time to correct things would be take the January deposit, split it correctly, and then copy and paste that transaction in place of all the other SS deposits for the year. You'd have to be careful here to not mess things up. I'd go year-by-year making a backup after the December correction each year.

  • volvogirl
    volvogirl Quicken Windows Other SuperUser ✭✭✭✭✭
    Answer ✓

    I would just go back to Jan 2025. That's all you really need to split out for taxes this year. So that would be only 12 payments to fix. And only if you think you will have enough medical to itemize on your tax return instead of taking the Standard Deduction. Do you also have any federal withholding deducted from your SS?

    I'm staying on Quicken 2013 Premier for Windows.

  • Richard Starrett
    Richard Starrett Member ✭✭✭

    Thank you both. That's what I have done. There seems to be no way to do and search and replace on splits.

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