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puravidapto
Level 7
April 26, 2025
Discussion ongoing

Estimated payment paid on 12/31 should be allocated to current year deduction automatically

Related products:ProConnect
  • April 26, 2025
  • 3 replies
  • 5 views

- You make quarterly estimated payments and elect to make the last payment paid on 12/31 (no other choice).
- Next year you treat the estimated payments as paid under payment screen.
- The software still allocate only the first three quarters payment in itemized deduction as if the last payment were paid in January next year.

This needs to be automated as the system had the information already. Yes I can manually put in the date, but it leads to error if there are too many manual steps and it is easy if you forget to check.

-- Click https://accountants.intuit.com/community/proconnect-tax-idea-exchange/idea-for-intuit-to-keep-track-of-open-issues/idi-p/301766 to vote FOR the idea.

3 replies

abctax55
Level 15
April 27, 2025

"no other choice"

Really?  The default is 1.15.xx of following year (at least in Lacerte..). One has to manually force 12.31.xx (current year). It can be done globally, or on each return.

PTO might be different... but I'd be very surprised to find that PTO forces 12.31 with "no other choice"

HumanKind... Be Both
April 28, 2025

Thanks for the idea. We are changing the status to "Open for voting".

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puravidapto
Level 7
May 2, 2025

Let me elaborate what I meant.

On ProConnect, you can set up estimated payments for state. The estimated payments can be mailed using the vouchers or can be made electronically. 

When making these payments, taxpayers are given the option to submit the final quarter's payment on December 31, rather than waiting until January 15 of the following year (see image below).



The purpose of this option is clear: to allow inclusion of the payment as a deduction in the current tax year. Accordingly, when I treat all "Voucher amount (memo)" entries as "Amount paid" entries, I also expect the date paid will be default to the scheduled date rather than the due date.

In the case of electronic payments, the dates are fixed, unless if you call the IRS to re-schedule it. Rather than I remember the date which I scheduled a year ago, the software should remember it. The software should have the payment dates populated as scheduled instead of me manually putting the date, and I only need to certified all the payments happened on the scheduled dates.



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