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How do I fix estimated tax payments made for the wrong year on quickbooks

 
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Best answer March 02, 2020

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QuickBooks Team

How do I fix estimated tax payments made for the wrong year on quickbooks

Thanks for sharing the details with us, @swaynescovenantc.

 

You'll want to delete the tax payment and enter it again in your QuickBooks Self-Employed (QBSE) account. Here's how.

 

If the tax payment is a downloaded transaction from your bank, you'll have to exclude it and manually enter it. Let's locate the payment and exclude it.

  1. Go to Transactions.
  2. Filter the list of transactions to show the This Year only.
  3. You can also filter the Category Type for Estimated Taxes only. 
  4. Click the drop-down arrow to expand transaction details.
  5. Put a check mark on Exclude
  6. Hit Save.  

Once done, here's how to manually add it:

  1. Click the Transactions tab.
  2. Select the Add Transaction button.
  3. Enter the Transaction Details
  4. Make sure to use dates within 2019 as the date of the Transaction.
  5. Click Save.

Here's an article you can read for more details: Manually add transactions in QuickBooks Self-Employed.


However, if the payment is an imported transaction, you'll want to exclude it then import it again. Before importing it to your QBSE account, ensure to edit the date of the transaction. For reference, you can check this great article: Add older transactions to QuickBooks Self-Employed.

 

You can also consult your accountant if you want more tips on how to better record this.

 

I'll be here if you have other questions. Take care!

View solution in original post

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QuickBooks Team

How do I fix estimated tax payments made for the wrong year on quickbooks

Hey there, swaynescovenantc,

 

I'm here to fix estimated tax payments made for the wrong year in QuickBooks Self-Employed (QBSE).

 

QBSE estimates what you should pay based on the actual data you've entered, our projections for the rest of the year, and any other relevant information you've given us about other income, withholding, deductions, and filing status.

 

If the payment reflects in the current year which should be for last year, you may exclude the entry. Then, manually create the transaction and categorize it dated last year for the specific quarter.

 

For correcting estimated tax payments, I suggest contacting the IRS through this link: https://www.irs.gov/help/contact-your-local-irs-office. They can help correct your tax payments made in their system.

 

You can also refer to the Pay Federal Estimated Quarterly Taxes article for additional information.

 

Let me know how this goes by leaving a comment below. I'm always around to help you out.

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Level 1

How do I fix estimated tax payments made for the wrong year on quickbooks

MaryLandT,

 

I applied an estimated tax payment through my QuickBooks account, after singing up on the EFTPS website, and it should have been applied to my 2019 estimated taxes but instead, it was applied to 2020. 

 

I have already contacted the IRS and they have already switched the payment to reflect on my 2019 taxes. So, on the IRS-side of things, everything has been taken care of. 

 

My question has to do with switching the payment on the QuickBooks side, so that my information for tax purposes for 2019 (and 2020) reflect that an estimated tax payment was indeed made. For instance, when I go to "Reports" and view my "Tax Summary" for the purpose of printing and/or showing it to my CPA, it shows that no estimated payment was made for 2019. 

 

So, how do I get my QB account to reflect that no payments have actually been made to 2020 but instead were and have been applied to my 2019 estimated taxes?

QuickBooks Team

How do I fix estimated tax payments made for the wrong year on quickbooks

Thanks for sharing the details with us, @swaynescovenantc.

 

You'll want to delete the tax payment and enter it again in your QuickBooks Self-Employed (QBSE) account. Here's how.

 

If the tax payment is a downloaded transaction from your bank, you'll have to exclude it and manually enter it. Let's locate the payment and exclude it.

  1. Go to Transactions.
  2. Filter the list of transactions to show the This Year only.
  3. You can also filter the Category Type for Estimated Taxes only. 
  4. Click the drop-down arrow to expand transaction details.
  5. Put a check mark on Exclude
  6. Hit Save.  

Once done, here's how to manually add it:

  1. Click the Transactions tab.
  2. Select the Add Transaction button.
  3. Enter the Transaction Details
  4. Make sure to use dates within 2019 as the date of the Transaction.
  5. Click Save.

Here's an article you can read for more details: Manually add transactions in QuickBooks Self-Employed.


However, if the payment is an imported transaction, you'll want to exclude it then import it again. Before importing it to your QBSE account, ensure to edit the date of the transaction. For reference, you can check this great article: Add older transactions to QuickBooks Self-Employed.

 

You can also consult your accountant if you want more tips on how to better record this.

 

I'll be here if you have other questions. Take care!

View solution in original post

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New Member

How do I fix estimated tax payments made for the wrong year on quickbooks

 
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New Member

How do I fix estimated tax payments made for the wrong year on quickbooks

I am trying to figure out how to fix the estimated taxes in Quickbooks only. I goofed and marked a transaction as an estimated tax payment and also, it automatically took the payment I made to the IRS at tax time this year (for last year's taxes) as an estimated payment for this year. I know where I am with the IRS so I don't need to contact them, I just want quickbooks to reflect this so it can give me the correct estimated taxes for this year. I know the instructions here say -

  1. Go to Transactions.
  2. Filter the list of transactions to show the This Year only.
  3. You can also filter the Category Type for Estimated Taxes only. 

But there IS NO estimated taxes in the category type! You can see what I see in the picture attached. Going into the quarterly taxes estimated taxes doesn't help either. It just shows me what the estimated tax payments are and I can't undo them. (But that is where I accidentally added the second one.. I just can't undo it there.)

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QuickBooks Team

How do I fix estimated tax payments made for the wrong year on quickbooks

Thank you for providing us with a screenshot, @aachisuto

 

Let me help you locate that transaction you've marked as Estimated Taxes. You can hover your mouse to Spending to view and locate Estimated Taxes. Check this screenshot:

 

 

After locating this transaction, click the category to select a new one. That new category will be saved automatically. 

 

You can check the following article to know more about Schedule C categories and how to categorize transactions: Schedule C and expense categories in QuickBooks Self-Employed

 

I'm always here if you need help with your transactions. Have a great rest of the day!

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