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How To Enter Other Income in Quicken Deluxe, Premier, or Home & Business

Updated: 5/22/2012 | Article ID: GEN82507

  1. In the Taxable Refund of State/Local Income Tax field, enter any state or local income tax refunds that were deducted as an itemized deduction in a prior year.
  2. In the Alimony Received field, enter alimony you have received or will receive for the tax year. (You enter alimony paid on the Adjustments to Income page.)
  3. In the Taxable IRA/Pension Distributions field, enter taxable distributions from pensions, annuities, IRAs, and profit-sharing plans reported to you on Form 1099-R. (Computing the taxable portion of some retirement distributions can be complicated. See IRS Publication 575, Pension and Annuity Income, or IRS Publication 590, Individual Retirement Arrangements.)
    To ensure that any IRA distributions you've entered in Quicken are prefilled in the Tax Planner, assign the tax form line item 1099-R: Total IRA taxable distrib. to transfers out of the IRA account.
  4. Click the Schedule E Income-Rents, Royalties, & Partnerships link, enter the appropriate amounts in the corresponding fields, and then click Previous. (Don't forget to include depreciation in the Expenses field. The Tax Planner automatically calculates the Total Income and Net Income/Loss fields.)
    The Tax Planner does not take income or passive activity loss limitations into account when calculating these fields. You need to enter allowable amounts for income and passive activity loss limitations to make sure that the Tax Planner calculations are accurate.
  5. Click the Schedule F Income-Farm Income link, enter the appropriate farm income amounts in the corresponding fields, and then click Previous. (Don't forget to include depreciation in the Expenses field. The Tax Planner automatically calculates the Total Income and Net Income/Loss fields.)
  6. In the Unemployment Compensation field, enter the net value of all unemployment compensation that you receive. You may be required to make quarterly estimated tax payments if you receive unemployment compensation (see IRS Publication 505).
    Quicken provides a default tax-related category that you should use when entering unemployment income transactions.
  7. In the Taxable Social Security Benefits field, enter the appropriate value.
    Generally, a maximum of 85 percent of Social Security benefits may be taxable if your provisional income (usually adjusted gross income plus 50 percent of Social Security benefits plus tax-exempt interest income) exceeds a base amount for the current tax year.
    • $25,000: For single, head of household, qualifying widow(er), or married filing a separate return if you did not live with your spouse at any time in the current tax year.
    • $32,000: Married filing a joint return.
    • $0: Married filing a separate return and you lived with your spouse in the current tax year.

    Currently, the Tax Planner does not automatically calculate the taxable portion of your Social Security benefits. As a result, your taxable income may be higher than expected. To compute your taxable Social Security benefits, please refer to the worksheet in your Form 1040 instructions or IRS Publication 915.

  8. In the Social Security RRA Income field, enter railroad retirement benefits (in the same way you report Social Security income).

    In general, your benefits are taxable only if your total income is above a certain level.

    Currently, the Tax Planner does not automatically calculate the taxable portion of your railroad retirement benefits. As a result, your taxable income may be higher than expected. To compute your taxable Social Security benefits, please refer to the worksheet in your Form 1040 instructions or IRS Publication 915.

  9. In the Other Income, Gains, or Losses field, enter income from items such as prizes, awards, and gambling winnings; recovery of a bad debt; and fees received for jury duty and precinct election board duty.
    Other income is one-time or irregular income, such as an inheritance, distributions from a trust, gifts, royalties, bonuses, or the occasional rental of a vacation home. Other income also includes Rental (Schedule E) and Farm (Schedule F) income or losses.
 
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