Estimated Tax Categories?

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:

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11&threadID`0001316&messageID`0007244&start=-1#600007244 "Color me stupid. I finally found the correct Tax Payment Line Assignment for estimated Federal Quarterly taxes under Form 1040. I had erroneously been looking under Schedule A. State quarterly taxes are treated as an expense and the federal are a deduction from the calculated taxes due on line 64 of the 1040."

Thanks in advance for your help!

Reply to
Alexander Grundner
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On Mon 05 Dec 2005 02:40:39a, Alexander Grundner wrote in news: snipped-for-privacy@o13g2000cwo.googlegroups.com:

Yes, they are.

Do not set these up in Quicken if you are not making these payments, otherwise set the quarterlies up as payments; use "estimated taxes" as the frequency.

If you are making these payments, your tax software will handle them nicely for you. Remember, Quicken is not tax preparation software.

For tax related matters, post your questions to misc.taxes.moderated

Reply to
Mike L

My concern is in categorizing the transactions correctly. In my last tax filing, TurboTax printed out my estimated tax forms for both Federal and State. I've been paying them with my business checks. I just want to make sure the checks have the right category assignment in Quicken, so that info transfers correctly back to TurboTax for the next year.

Reply to
eHomeUpgrade

My concern is in categorizing the transactions correctly. In my last tax filing, TurboTax printed out my estimated tax forms for both Federal and State. I've been paying them with my business checks. I just want to make sure the checks have the right category assignment in Quicken, so that info transfers correctly back to TurboTax for the next year.

Reply to
Alexander Grundner

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