In March 2005, I paid some additional Federal Tax for 2004. Today, I run Tax schedule for 2005 and found that that March payment for 2004 is included in this year. How can I code the last year payment so it is not included in this year tax schedule?
Put something like "2004" in the memo field and exclude any transactions with "2004" in the memo field from the report. You can expand on this concept.
Not sure why you want to exclude this payment; remember, it was paid in CY2005 and is reportable on your 2005 return.
Assuming that we are not talking about a split transaction ... (Quicken does not process excludes of memo field contents for split transactions - at least in Q2005 and Q2006).
In the Customize dialog for a report, on the Categories tab (and one or two other tabs), there is a section called "Matching" which contains separate boxes for payee, category, and memo. You can enter a value (including wildcards) in one or more of those fields to select or deselect transactions with the specified values in those fields.
If you only wanted transactions with a memo field of exactly "1040 2004", you could enter "40 2004" in the memo matching box to select just those transactions. If you want transaction that have "1040 2004" anywhere in the memo field, "1040 2004" or "..1040 2004..".
If you want to exclude transactions with exactly "1040 2004" in the memo field, you would enter "~40 2004" in the memo matching box. You could exclude transactions with "2004" anywhere in the memo field with "~..2004.."
When you have the Customize dialog open, click Help > Categories tab > limit the transactions included ...> then Limit the transactions (again) .... There is a pretty good explanation of the concepts, with examples.
Now you confused me... Sure, it was paid in 2005, but it was my tax liability for 2004. My tax liability for 2005 is covered by 12 monthly payments. That in March was the 13th and I think it should not be included in the 2005 tax. Of course, I'll report it on the line (whatever it is) for
2004 payment, but not in the 2005... Or am I wrong? Ilyawhat i do for similar situation is use a "fake date" of dec 31 2004 as the date received or paid even though you actually did it in 2005. alan
What I do is set up a separate category for "Federal tax - previous year" and make sure it is not linked to the 1040 "tax paid" line.
Sounds good to me. Ilya
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