What features should we work on?

Retirement deductions

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

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

    74 comments

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      • Cady commented  ·   ·  Flag as inappropriate

        I agree this is a flaw. My work around is to estimate how much I will contribute to the year and add it to my itemized deductions in the tax wizard. Not perfect, but improves the federal estimated tax projections

      • Cady commented  ·   ·  Flag as inappropriate

        Agree, this is a huge flaw. The work around I use is by estimating what I'll contribute to the tax advantaged account and then add it to the itemized deductions in the tax questionnaire. It works alright.

      • Sarah Brown commented  ·   ·  Flag as inappropriate

        Yes -- this is a major flaw of the QuickBooks Self-Employed platform. This category is much needed! Thanks for considering it.

      • Juan Pablo Ferrer commented  ·   ·  Flag as inappropriate

        I've just started looking into a SEP 401k and this lack of feature may make QBSE a deal breaker. Can't believe this isn't included? It's potentially a HUGE impact to the estimated tax equations. Shouldn't be THAT hard given its already done for healthcare premiums.

      • Valerie commented  ·   ·  Flag as inappropriate

        IRA's are a big deduction - it's difficult to account for our personal deductions in our business estimated taxes... it could be an addition to the 'tax settings' under the gear icon.

      • Andreas Mau commented  ·   ·  Flag as inappropriate

        Individual 401k is even better allows up to $59,000 in contributions ER/EE including catch-up.

      • B Craig commented  ·   ·  Flag as inappropriate

        I agree. This is very much needed as it's essential to survival if you're self-employed.

      • 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.

      • Rita Sterrett commented  ·   ·  Flag as inappropriate

        The list in incomplete without this option. For many self-employed, this is a requirement for licensing in the industry and state.

      • 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.

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