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Additional Deductions

able to categorize SEP and 401K/pre-taxed items

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    Patris GenalynAdminPatris Genalyn (Admin, QuickBooks Self-Employed) shared this idea  ·   ·  Flag idea as inappropriate…  ·  Admin →

    31 comments

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      • Anonymous commented  ·   ·  Flag as inappropriate

        The major reason I want to buy QuickBooks Self-Employed is to have it calculate my estimated quarterly taxes. For a single-member LLC, I know that the Employer Contribution from the business to my 401k is not a business expense to be counted on Schedule C, it IS supposed to be counted as a deduction on Form 1040. Estimated quarterly taxes are for both Self-Employment tax (paid on net profit from business after business deductions) AND on Income reported on Form 1040 (net profit from business plus other income). So is QB can only estimate the Self-employment tax -- you are on you own to calculate the Income tax.

      • Anonymous commented  ·   ·  Flag as inappropriate

        When I asked the "chat" person, she indicated that contributions to i401Ks were not included because they are not in Schedule C. This doesn't make sense to me as a rationale, since deductible health insurance premiums are included and those are not reported on Schedule C. They are reported in the same place that deductible i401K contributions are reported. This appears to be a major flaw in your product.

      • Anonymous commented  ·   ·  Flag as inappropriate

        Estimated Tax Payments won't be accurate without the ability to add in deductible retirement contributions to i401K plans etc.

      • RobRob commented  ·   ·  Flag as inappropriate

        Another person looking to track Individual 401K contributions.

      • AnonymousAnonymous commented  ·   ·  Flag as inappropriate

        If this is not implemented by the time I complete my taxes, then I am canceling my Self-Employed account.

      • KimKim commented  ·   ·  Flag as inappropriate

        I like to make a contribution to non-profit organizations or religious organizations. I need a category for this please. Why can i NOT add my own category as I need to?

      • MidgeMidge commented  ·   ·  Flag as inappropriate

        Please add a category for 401k Individual! I am going crazy. These are pre tax and I need to categorize them. Please help all of us out who desperately need this! This software becomes almost useless to me unless this is added!. Please!!!!

      • ShirlsShirls commented  ·   ·  Flag as inappropriate

        How would we know if and when this plug-in for retirement contributions should become active?? :-/

      • JeanJean commented  ·   ·  Flag as inappropriate

        I would like to have the availability to mark something as charitable.

      • RyanRyan commented  ·   ·  Flag as inappropriate

        I agree this is super important - does anyone know if this is included in other quickbooks products?

      • JonathanJonathan commented  ·   ·  Flag as inappropriate

        Looks like I'm not the only one wishing retirement contributions where added in. Could we "split" business income by setting contribution amounts to "personal" while the rest is set to business income?

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