Tax-Deferred Retirement Funds Not Entered in Tax Worksheet (197553)


The information in this article applies to:

  • Microsoft Money 2003 Deluxe
  • Microsoft Money 2003 Deluxe and Business
  • Microsoft Money 2003 Standard
  • Microsoft Money 2002
  • Microsoft Money 2001
  • Microsoft Money 2000
  • Microsoft Money 99
  • Microsoft Money 98
  • Microsoft Money 2000 Business and Personal
  • Microsoft Money 98 Deluxe Edition
  • Microsoft Money 98 Financial Suite
This article was previously published under Q197553

SYMPTOMS

When you view the Adjustments tab of the Tax Worksheet in Microsoft Money 98 and later, the Tax-Deferred Retirement Funds box displays a value of zero.

All other boxes on the Tax Worksheet display calculated annualized values based on the scheduled transactions you entered in Money.

RESOLUTION

To work around this issue, manually enter your estimated tax-deferred retirement contributions for the entire year on the Adjustments tab of the Tax Worksheet. To do this:
  1. On the Money navigation bar, click Taxes (Money 2000 and Money 2001), Decisions (Money 99), or Money Insider (Money 98).
  2. In Money 2003, Money 2002, and Money 2001, click Tax Estimator, and then proceed to step 5.

    In Money 2000, click Estimate my taxes, and then proceed to step 5.

    In Money 99, click Tools in the left pane.

    In Money 98, proceed to step 3.
  3. Click Tax Worksheet.
  4. Click the Adjustments tab.
  5. In the Tax-Deferred Retirement Funds box, type the estimated amount of your tax-deferred retirement contributions for the entire year.
Money uses the value in the Tax-Deferred Retirement Funds box to calculate your estimated taxes.

STATUS

Microsoft has confirmed this to be a problem in the Microsoft products listed at the beginning of this article.

MORE INFORMATION

To calculate your estimated tax-deferred retirement contributions for an entire year, add the total of deductible contributions you made and plan to make for the year to tax-deferred retirement accounts such as an IRA, Keogh, 401(k), or 403(b).

If your contribution is deducted directly from your paycheck, multiply the amount of retirement contributions deducted from one paycheck by the number of paychecks you receive in one year.

Note This method only provides an estimate of your total deductible contributions. Federal tax regulations may limit your qualifications.

To find the amount of tax-deferred retirement contribution deducted from a paycheck entered in Money, follow these steps:
  1. In the account register of the financial institution to which you deposit your paycheck, find a paycheck deposit transaction.
  2. Right-click the transaction, and then click Split.
  3. Click the Deductions Before Taxes tab.
  4. The amount categorized as a Transfer to a Retirement Account or a Retirement Contribution is the amount of tax-deferred retirement contribution deducted from that paycheck.
Modification Type:MajorLast Reviewed:9/7/2006
Keywords:kbbug kbMoneyGuide kbpending KB197553
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