Tax Mapping Transfers?

Mortimer Duke

In Quicken Business & Personal / Simplifi-style QBP, can transfers be tax-mapped?

Use case: HSA or IRA contributions recorded as transfers from checking to an HSA/IRA asset account.

Questions:

1. Can transfers be marked tax-related?
2. Can transfers map to a tax form/line?
3. Can split-level tags/notes on transfers appear in tax reports?
4. Is there a recommended workflow for HSA contributions/Form 8889 while keeping the transaction as a transfer (or a similar process for IRA contributions and the like)?

Goal: preserve net worth accuracy without losing tax-review tracking.

Thanks in advance for any helpful guidance.

SRC54

Speaking of my experience with personal IRA contributions, I never found any way to do it in any Quicken product unless you created a category, i.e., IRA Contributions and assigned the money that way. So I just did a transfer and added a note. I only made one per year. I would just remember to put it on my income tax (and Turbotax, etc. reminded you).

The same was true for monthly contributions to Retirement Account from paycheck. Either you did a transfer to the Retirement account or you created a category. The category you could map. But I never bothered because the W-2 excluded that income anyhow.

If you do create a contribution category, use it for the funding account. I would use plain transfer category for the other side of the "Transfer" in the IRA account. The increase in the IRA account will keep your Net Worth accurate.

Perhaps another user will have another suggestion.

Mortimer Duke

Seems we both ran into the same limitation.

It wasn't much of an issue when these contributions largely were made through payroll deductions and, as you mentioned, the W-2 did the accounting. I now am making those funding contributions manually - and on a monthly basis rather than doing so at the end of the year.

Hopefully this makes it into a future update.

Many thanks.