Estimated U.S. Income Tax Payment Jumped $2000 in 2004 Deluxe

Edwards Finance > Loans

Q. When I upgraded to Microsoft Money 2004 Deluxe from 2003 Deluxe, the estimated amount I will owe in 2004 U.S. Income Tax jumped over $2000. In the Tax-deferred Retirement Plan Contributions category of the Adjustments section, pre-tax transfers to retirement accounts are to longer being estimated correctly, but are instead now being arbitrarly set to zero. Also, Section 125 Health contributions are no longer accounded for. This all worked in the 2003 version of Money. Are there settings that I'm missing?

A. This is speculation based on what I saw with one of my upgrades from past years... There may be some features that don't upgrade the historical or year-to-date info - or maybe some "phantom" corruption kept Money from importing properly, therefore the reports start reflecting a start-from-scratch look. I saw this happen with the budget area once. Things smoothed over quite a bit once I owned it for one complete calendar month (1st thru 31st) and Money wasn't using partial-month data for its calculations. Historical footnote: When Money first implemented the Paycheck Tabs, the Pre-Tax tab was only an identifying bucket for pre-tax contributions. Money didn't link those into pre-tax contributions for the Tax Estimator. It was up to the user to trick Money properly with separate categories just like in prior versions. I can't remember if it was Money 2000 or Money 2001 that starting linking the Pre-tax items in the paycheck tab to the tax estimator. When you imported to Money 2004, there is a chance that existing entries were imported as general split transactions, and the pre-tax link was lost. I've learned to not rely on Money for too much sophistication - it's good for the broad analysis, but not good for short-period analysis or for accurate tax information.

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