How handle rebates?

I would wait until you actually receive the refund. IF they are withholding taxes like they should then you won't receive the full amount. You can expect to only get about 75-80% back. Again, check with HR group at work to see how much tax, if any, they are withholding.

I would enter the Gross income with the appropriate splits. The OP is assuming that he is getting 100% back and that the net "cost" of the tuition is zero. What I was pointing out was that was an incorrect assumption on his part.

"Laura" wrote

I agree with everything you just said.

But you're not saying what you said earlier: that due to tax withholdings, the employer's reimbursement will not equal the OP's expenses. I maintain that statement is irrelevant.

True. It would depend on whether the OP is looking at the gross or net amount of the refund. I tend to look at the net amount as that is what landed in my pocket.

well I just received one of the reimbursement checks in the mail and there wasn't any taxes or anything taken out of the check

Unless maybe it will show up on my W@s and be taxed that way?

So does it sound like they don't have to take any taxes out? If yes.... how is that possible knowing the gov wants any and all taxes it can get?

I will ask HR tomorrow what they are treating it as. But in meantime.... asking here

Ooops..... I'm guilty of above.

I only enter my net pay in Q.

I don't track any taxes via splits

Should I?

Seemed like it makes things complex since work tracks al my taxes and I get W2 at end of year. Should I make such tracking redundant?

see my other post

I did in fact get a check back for total amt with nothing taken out

Last class cost $521 in tuition

Got check mailed to me from work in amt of $521

But maybe they will report in on my W2 and I will get taxed that way?? Advice?

On Sun 26 Jun 2005 05:35:13p, wrote in news: snipped-for-privacy@4ax.com:

You could use place the category of either "School" or [Receivable] when you write the check to pay for the class. And maybe [My Savings account] when you deposit the reimbursement.

On Sun 26 Jun 2005 05:39:55p, wrote in news: snipped-for-privacy@4ax.com:

For rebates I enter it both times. When I mail in for the rebate I enter a increase to my Receivable asset account with a category of say "computer" (often with a memo of about when to expect a check). When I receive the rebate check, I enter it with a category of maybe [Savings account C] or whatever account I deposit it to, [Mike] if cash.

For gift certificates I enter it when received with category "gift received" and appropriate amount. When spent I enter it with the amount(s) and category such as "dining".

On Sun 26 Jun 2005 08:18:00p, wrote in news: snipped-for-privacy@4ax.com:

When entering data into Quicken, I don't really concern myself with tax treatment as a primary concern. I do not attempt to use Quicken to feed into my turbotax calculations at tax time as it has been too unwieldy in past attempts.

I may look at Quicken's tax projections once in a while and do track things such as PPTY tax and quarterly estimated tax payments and tax witholdings and other general categories for credits & deductions, but I don't worry about how a $1000 expense is going to be treated. I just handle it when I get the 1099.

I find more peace of mind by keeping actual tax reporting concerns to as close to one time per year as possible.

If they include it as taxable income the impact to your overall tax liability will be small. I would not worry about it.

wrote

Quicken is a tool to be utilized by you in the way that you see fit. No one here can tell you how you should be using it.

But, since you asked...

If you don't enter your gross income in Q, as well as your withholdings, your portfolio is going to be inaccurate. Contrary to what another poster implied, this is true whether or not you import to a tax prep application.

IMO, If you are concerned enough about how to track in Q your education expenses and reimbursements (which is a temporary/intermittent situation), I'm surprised you wouldn't want more accuracy in Q with your income and withholdings (which will be present for your entire working life as an employee).

"Laura" wrote

Ahh, but the gross amount is what is being taxed (possibly) and/or offsetting the OP's deduction as an educational expense or a job-related expense. Net is almost meaningless unless you think solely in terms of what is available to you immediately. Ironic, I know.

Point taken

But I just didn't understand the need to track gross with splits....when the government and work are already doing it for me. Granted I don't get the info till end of year

I don't either. I suppose that's why I only track net income on my paycheck.

I have my taxes done at end of year by a tax preparer. It's just one of those things I hate doing myself and am wiling to pay someone else to do.

Given that info..... I pose the question again.... is there some real need for me to track gross pay and do the splits thing?

On Sun 26 Jun 2005 10:22:19p, wrote in news: snipped-for-privacy@4ax.com:

Not really. I always did, mainly because it was very simple to do.

On Sun 26 Jun 2005 10:22:19p, wrote in news: snipped-for-privacy@4ax.com:

1) Verification against your employer's statements to ensure either/both their accuracy and yours 1a) Useful in tax time to ensure all is well, record wise 2) If you work multiple jobs, ensure you don't overpay FICA deductions 3) Anal-retentiveness (don't laugh, a big part of many Q's user's psyches like myself)

wrote

situation),

Of course, you must be aware that your income will be incorrect and your expenses will be incorrect the way that you are doing things now.

It's not that hard to enter your pay and withholdings accurately, especially if each pay period is usually the same. There are plenty of posters here who can help you quickly set it up.

But, there is no need to enter data into Q in any way that does not benefit your financial management efforts. And there is some justification for the KISS principle, as long as the GIGO principle isn't evoked. It all depends on what you want to get out of it.

Unless it's an expense reduction. It all depends upon the HR department and what they're going to do.