Money uses the information in your file to estimate your tax liability. The more accurately you record information and assign correct tax categories to your transactions, the more accurately Money can project your tax liability.
If the Tax Estimator shows missing or incorrect amounts for some lines, check for any of these problems:
- Your Money file may be incomplete. Make sure you’ve entered all transactions. Don’t forget transactions you made from different accounts, including cash.
- Some categories may be linked to the wrong tax lines. Review your category list.
- Some categories may not be linked to tax lines. Be sure all your tax-related categories are linked to a tax line.
Note
The Tax Estimator calculates your child and dependent care credit as 20 percent of your expenses, but your actual credit may vary. The credit is usually 20 to 35 percent of qualified expenses; the percentage declines as income rises.
About setting up Money to track tax information
Review tax-related income and expenses
Add a missing category and its transactions to a tax line
About estimated tax payments and due dates
