QBSE put estimated tax payment tp wrong year. How do you reassign?

djcarch · ‎January 30, 2021

RenjolynC · ‎January 30, 2021

I'd like to help, djcarch.

To correct the estimated tax payment added to the wrong year, you'll want to exclude and manually enter the transaction if it was downloaded from the Transactions page.

Here's how:

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

Once done, manually add the transaction by following the steps below. Before doing so, please consult with your accountant on what category to choose, so your reports are accurate.

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

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

For the imported payment, you can exclude the transaction and import it again. Please make sure to edit the date of the transaction. I've got this article for the instructions: Add older transactions to QuickBooks Self-Employed.

I'm just a few clicks away if you have any follow-up questions. Take care!

View solution in original post

djcarch · ‎January 30, 2021

So to continue this question: I have QBSE and I paid, through the EPTPS portal, and estimated tax payment on the 21st of January 2021 that I assigned to 2020 tax year. The IRS has applied that payment to my 2020 taxes but QBSE has it showing as a 2021 payment. How can I reassign it to 2020?

The odd thing is it shows up as a payment in 2020 but with a "find the payment" link. But since QBSE has already assigned the payment to 2021, when I follow the link, the payment doesn't show up (since it has already been assigned to 2021).

It seems a bit crazy that I just can

djcarch · ‎January 30, 2021

It seems a bit crazy that I can't just reassign the tax year that the payment applies to...... Isn't there a way to override QBSE taking any payment in the transaction list that comes in after January 15th for the correct year? I mean, my IRS account has the payment listed for my 2020 taxes even though the payment was made after Jan 15th 2021; why can't I get QBSE to do the same?

RenjolynC · ‎January 30, 2021

I'd like to help, djcarch.

To correct the estimated tax payment added to the wrong year, you'll want to exclude and manually enter the transaction if it was downloaded from the Transactions page.

Here's how:

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

Once done, manually add the transaction by following the steps below. Before doing so, please consult with your accountant on what category to choose, so your reports are accurate.

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

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

For the imported payment, you can exclude the transaction and import it again. Please make sure to edit the date of the transaction. I've got this article for the instructions: Add older transactions to QuickBooks Self-Employed.

I'm just a few clicks away if you have any follow-up questions. Take care!

djcarch · ‎January 31, 2021

Hi RenjolynC,

Thanks so much for your response. I appreciate the thorough explanation. Funny thing is after writing the question to the Community and then trying several other attempts it occurred to me to do do exactly what you described. I simply made a new entry for the IRS payment prior to January 15th and excluded the other one after the 15th. Then I went back in and assigned the new entry in the estimated tax payments and everything worked as I needed. So I'm thankful that your explanation confirmed I was on the right track and that it is okay to do that!

I would say, QBSE should provide for some method to allocate payments made to the IRS, regardless of the date they are made, to a specific tax year. I mean, you can do that on EFTPS, why can't you do it in QBSE?

Thanks again for your help and confirmation of the process!

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QBSE put estimated tax payment tp wrong year. How do you reassign?