Money doesn't allow you to specify state tax year?

I'm having a bit of a problem reconciling my estimated payments in a
report in MS Money 2004..

There seems to be a bit of inconsistency in the way it handles tax
payments..

On any payment that I enter under the category "Federal Income Taxes",
it asks me to which year the payment should apply.. This is correct
behavior, I imagine, as I  can pick "2003" or "2004"; likely when I
enter my 1/15/04 estimated payment, I will be prompted as to whether
the payment applies to "2004" or "2005".

However, when I enter a STATE payment, it never asks me for the year.
Is there a way to specify to which year a state tax payment should
apply? I have seen the "solution" of making a category named "State
Taxes - Previous Year" - however this still shows up in current-year
reports.

Why in the world does Money ask for a year for federal payments, not
state? Is there any way to allow this to happen?


...On another note.. I'm hoping for a big update in Money 2005. I
really haven't seen that much updated in Money since I started using
it in 1999; and man is it getting slow..! Any rumors of what may be
coming? If it's just another polishing up of the same thing, it may be
time to go..
0
tcp277 (2)
9/6/2004 6:57:35 PM
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"C. Todd" <tcp277@yahoo.com> wrote in message 
news:c50a6464.0409061057.57ee9a74@posting.google.com...
> I'm having a bit of a problem reconciling my estimated payments in a
> report in MS Money 2004..
>
> There seems to be a bit of inconsistency in the way it handles tax
> payments..
>
> On any payment that I enter under the category "Federal Income Taxes",
> it asks me to which year the payment should apply.. This is correct
> behavior, I imagine, as I  can pick "2003" or "2004"; likely when I
> enter my 1/15/04 estimated payment, I will be prompted as to whether
> the payment applies to "2004" or "2005".
>
> However, when I enter a STATE payment, it never asks me for the year.
> Is there a way to specify to which year a state tax payment should
> apply? I have seen the "solution" of making a category named "State
> Taxes - Previous Year" - however this still shows up in current-year
> reports.
>
> Why in the world does Money ask for a year for federal payments, not
> state? Is there any way to allow this to happen?
>

The " -Previous Year" category is a kludge, as it is.

A better way I read about in this group is to create a "Tax payments and 
refunds" account.  If you make a 2005 tax payment in 2004, just make it a 
transfer to that account.  This will stop it from showing up in this year's 
taxes. When 2005 gets here, enter the actual tax payment in that account, or 
enter the tax payment now with a future date.  Using a transfer to a 
separate account allows you to break the link between when the payment is 
made, and the year it counts towards.

In my case, I use it the other way:  If I have a refund or payment due after 
the 2004 tax year ends, I'll enter it in the "Tax payments and refunds" 
account with a date of 12-31-2004, then when my tax return is processed in 
the January-March 2005 timeframe, I'll enter the refund or payment as a 
transfer to/from my checking account.  This makes the apparent transaction 
in my checking account happen in 2005, but keeps all the tax-categorized 
transactions together in 2004.

I handle both my state and federal tax payments this way through the same 
account.

-- 
Scott Tyler
agent_scotty-at-hotmail-dot-com 


0
Scott
9/6/2004 9:57:07 PM
Washington doesn't have a state income tax............................

"Why in the world does Money ask for a year for federal payments, not
state?"

-- 
Michael Gordon
MVP

"C. Todd" <tcp277@yahoo.com> wrote in message 
news:c50a6464.0409061057.57ee9a74@posting.google.com...
> I'm having a bit of a problem reconciling my estimated payments in a
> report in MS Money 2004..
>
> There seems to be a bit of inconsistency in the way it handles tax
> payments..
>
> On any payment that I enter under the category "Federal Income Taxes",
> it asks me to which year the payment should apply.. This is correct
> behavior, I imagine, as I  can pick "2003" or "2004"; likely when I
> enter my 1/15/04 estimated payment, I will be prompted as to whether
> the payment applies to "2004" or "2005".
>
> However, when I enter a STATE payment, it never asks me for the year.
> Is there a way to specify to which year a state tax payment should
> apply? I have seen the "solution" of making a category named "State
> Taxes - Previous Year" - however this still shows up in current-year
> reports.
>
> Why in the world does Money ask for a year for federal payments, not
> state? Is there any way to allow this to happen?
>
>
> ..On another note.. I'm hoping for a big update in Money 2005. I
> really haven't seen that much updated in Money since I started using
> it in 1999; and man is it getting slow..! Any rumors of what may be
> coming? If it's just another polishing up of the same thing, it may be
> time to go.. 


0
gordonm (1013)
9/8/2004 9:02:44 PM
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