I was looking in various places online for an answer as to which categories Federal and State Estimated Tax entries are covered, as well as, the once yearly Local Tax payment. Here's what I found so far.
Federal Form 1040: Federal estimated tax, qrtrly QUICKEN DESCRIPTION: The quarterly payments made to the IRS to cover the estimated tax due on income that is not subject to withholding (e.g., self-employment income, unemployment compensation, gains from sales of assets).
State Schedule A: State estimated tax, qrtrly QUICKEN DESCRIPTION: The quarterly payments made to state taxing authority to cover the estimated tax due on income that is not subject to withholding (e.g., self-employment income, gains from sales of assets).
Local Schedule A: Local income taxes QUICKEN DESCRIPTION: Local income taxes other than those withheld from salary. (Assign local wage withholding to W-2 local tax withholding.) Include local income taxes paid this year for a prior year.
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Are all three of these correct? If no, how should it be setup in Quicken (BTW, I'm using Quicken 2004 Premier Home & Business).
I also found the following info on the Quicken Support Forums, but it doesn't seem right:
Thanks in advance for your help!