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KevinGRN
Level 1

I made all 4 quarterly estimated tax payments for 2020 and also made an additional payment in March 2021 which was applied to the 2020 tax year. How do I assign the additional tax payment made in March 2021 to the 2020 tax year in QB Self-employed?

 
Solved
Best answer April 12, 2021

Best Answers
CharleneMaeF
QuickBooks Team

I made all 4 quarterly estimated tax payments for 2020 and also made an additional payment in March 2021 which was applied to the 2020 tax year. How do I assign the additional tax payment made in March 2021 to the 2020 tax year in QB Self-employed?

I have all the steps you'll need to resolve your quarterly tax payments, KevinGRN.

 

To begin with, you'll have to locate the downloaded tax payments then exclude them on the Transactions page. This way, they won't be recorded under March 2021. I'll guide you on how to do it: 

 

  1. Go to Transactions on the left panel.
  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 checkmark on Exclude box. 
  6. Hit Save.  

After that, you'll have to manually enter these transactions and ensure the date is within 2020.

  1. From the Transactions tab, select the Add Transaction button.
  2. Enter the Transaction Details.
  3. Make sure to use dates within 2020 as the date of the Transaction.
  4. Click Save.

You can read this article for more details: Manually add transactions in QuickBooks Self-Employed.


If the payments are imported, you can exclude the transactions and import them again. Please make sure to edit the date of the transaction. I've got this article to guide you with the process: Add Older Transactions to QuickBooks Self-Employed.

 

You'll also want to learn more on how to categorize and edit transactions in QuickBooks Self-Employed so you'll know how to manage it: How do I categorize and edit transactions in QBSE?.

 

Please feel free to get back here in the Community if you need more help with your tax payments in QuickBooks. I'd be more than happy to assist you. Stay safe and have a good one.

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6 Comments 6
Rose-A
Moderator

I made all 4 quarterly estimated tax payments for 2020 and also made an additional payment in March 2021 which was applied to the 2020 tax year. How do I assign the additional tax payment made in March 2021 to the 2020 tax year in QB Self-employed?

Assigning an additional tax payment made in March 2021 to the 2020 tax year in QuickBooks Self-Employed is quick and easy and I'd be glad to show you how, KevinGRN.

 

You can record the additional tax payment made in March 2021 and ensure it's dated for the 2020 tax year. Let me walk you through the process.

 

Here's how:

 

  1. Go to the Transactions menu and click Add transaction.
  2. From the description field, enter "(Date and fiscal year) quarterly federal tax payment" the amount, and the date you made the payment.
  3. Select a category, then Taxes, and then Estimated Taxes.
  4. Hit Save.

 

To help you with the categorization, you can refer to this article: Updates to expense categories in QuickBooks Self-Employed. This will help guide you on how to report your self-employed income and expenses.

 

Additionally, you can visit the following write-up regarding how Schedule C categories show up on your financial reports: Schedule C and expense categories in QuickBooks Self-Employed.

 

If you need further assistance or have questions in mind regarding QuickBooks Self-Employed, please let me know. I'll stick around to help you out.

Rose-A
Moderator

I made all 4 quarterly estimated tax payments for 2020 and also made an additional payment in March 2021 which was applied to the 2020 tax year. How do I assign the additional tax payment made in March 2021 to the 2020 tax year in QB Self-employed?

Hi, KevinGRN.

 

Hope you're doing great. I wanted to see how everything is going about the tax payment you had yesterday. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I'd be happy to help you at anytime.

 

Looking forward to your reply. Have a pleasant day ahead!

KevinGRN
Level 1

I made all 4 quarterly estimated tax payments for 2020 and also made an additional payment in March 2021 which was applied to the 2020 tax year. How do I assign the additional tax payment made in March 2021 to the 2020 tax year in QB Self-employed?

Rose-A,

Thank you for responding to my inquiry. The issue I am having is that the estimated federal tax payment is already entered as a transaction, however, because it was made in March 2021, when QB calculates my estimated taxes and tax payments, it is applying this March 2021 payment to the 2021 tax year instead of the 2020 tax year. The solution you provided does not resolve this issue.

Thanks,

Kevin

CharleneMaeF
QuickBooks Team

I made all 4 quarterly estimated tax payments for 2020 and also made an additional payment in March 2021 which was applied to the 2020 tax year. How do I assign the additional tax payment made in March 2021 to the 2020 tax year in QB Self-employed?

I have all the steps you'll need to resolve your quarterly tax payments, KevinGRN.

 

To begin with, you'll have to locate the downloaded tax payments then exclude them on the Transactions page. This way, they won't be recorded under March 2021. I'll guide you on how to do it: 

 

  1. Go to Transactions on the left panel.
  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 checkmark on Exclude box. 
  6. Hit Save.  

After that, you'll have to manually enter these transactions and ensure the date is within 2020.

  1. From the Transactions tab, select the Add Transaction button.
  2. Enter the Transaction Details.
  3. Make sure to use dates within 2020 as the date of the Transaction.
  4. Click Save.

You can read this article for more details: Manually add transactions in QuickBooks Self-Employed.


If the payments are imported, you can exclude the transactions and import them again. Please make sure to edit the date of the transaction. I've got this article to guide you with the process: Add Older Transactions to QuickBooks Self-Employed.

 

You'll also want to learn more on how to categorize and edit transactions in QuickBooks Self-Employed so you'll know how to manage it: How do I categorize and edit transactions in QBSE?.

 

Please feel free to get back here in the Community if you need more help with your tax payments in QuickBooks. I'd be more than happy to assist you. Stay safe and have a good one.

KevinGRN
Level 1

I made all 4 quarterly estimated tax payments for 2020 and also made an additional payment in March 2021 which was applied to the 2020 tax year. How do I assign the additional tax payment made in March 2021 to the 2020 tax year in QB Self-employed?

Charlene,

Thank you, that did the trick.\

Kevin

MirriamM
Moderator

I made all 4 quarterly estimated tax payments for 2020 and also made an additional payment in March 2021 which was applied to the 2020 tax year. How do I assign the additional tax payment made in March 2021 to the 2020 tax year in QB Self-employed?

Hello again, @KevinGRN.

 

I am glad to know that the recommended steps provided by my colleague CharleneMae_F worked for you. 

 

In case you need tips, and related articles in the future about the "How Do I" steps in QuickBooks Self-Employed, visit our QuickBooks Community help website for reference: QBSE Self Help.

 

If you need additional help with QuickBooks, please let me know. I’ll be right here to further assist. Enjoy your day!

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